The oil industry is the blood of the oil-dependent economy. There is so much infrastructure involved that the unwinding is going to be long and tortuous.
One problem. Because of the competitive nature of capitalism, bubbles can almost never be slowly deflated. A dramatic reduction in oil demand, as would occur with a significant increase in public transit, would mean that $trillions in infrastructure would be under used, meaning rate of profit falls. Investors would panic and the government will have to bail out the oil industry. Yes. Bail. Out.
We can't stop the crashes and the bailouts, but your city can prepare now for the next oil shock. Join your local public transit advocates.
One problem. Because of the competitive nature of capitalism, bubbles can almost never be slowly deflated. A dramatic reduction in oil demand, as would occur with a significant increase in public transit, would mean that $trillions in infrastructure would be under used, meaning rate of profit falls. Investors would panic and the government will have to bail out the oil industry. Yes. Bail. Out.
We can't stop the crashes and the bailouts, but your city can prepare now for the next oil shock. Join your local public transit advocates.
