Saturday, August 22, 2015

Falling oil prices not helping world economy

Resource Insights: "As the world's central energy commodity, oil is a good indicator of economic activity. With the nearly universal conviction that the previous bounce in oil prices to around $60 signaled a stronger economy and thus stronger oil demand, logic would dictate that we now consider the opposite: That the new slide in oil prices is signaling new weakness in the world economy. If so, it's the kind that ought to frighten even the optimists this time."

Because burning up energy in traffic does not feed, house, or clothe anyone. Fossil fuels have been used to create a wasteful #autosprawl economy. Even if all the debt were to be defaulted, we would still be left with this mess. Even if all the energy wars were to stop tomorrow, we would still have this millstone on our necks. Future generations, if any, will be furious with the way we wasted all this bounty.