[John_A]

$this->bbcode_second_pass_quote('Lore', 'W')e're content as a country to ride the fossil fuel horse right into the ditch.

[Plantagenet]

$this->bbcode_second_pass_quote('John_A', 'I')f I recall correctly, whale oil was selling for $5/oz back in the 50's as a watch lubricant, I suppose oil could get that expensive and still have a purpose, but that time will be far enough down the road none of us will live to see it.

[ROCKMAN]

P - I'm going to pick on you a little this morning but I know you can take it. LOL. “We'll have big economic problems long before oil…” Will have? There are 11.8 million unemployed today. Given the lowest unemployment can seem to reach is 4.5% we have about 5 million unemployed above that level. Back when the recession hit there were multiple causes to point at: mortgage bubble burst, Wall Street foolishness, housing bust, etc. Can’t hang it all on ENERGY PRICES.

But today mortgages are dirt cheap, the stock market is booming setting new records, increasing housing starts, positive GDP growth, etc. And yet there are 5 million unemployed above the baseline. And which we all know doesn’t include the underemployed and those that have given up looking for work.

I would offer that we are already having big economic problems. Granted they may get worse but I think most of those 5 million would say we’re in an oil price induced recession. To modify the old joke: If your neighbor losses his job the economy isn’t having a problem. If you lose your job the economy, thanks to the POD, is having a problem. LOL.

Folks talk about “when” the POD will crash the economy both in the US and globally. I would say about 5 million Americans and a lot of citizens in the PIIGS would say it already has. It might not be a question of “when” and more a matter of the current body count.

[John_A]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('John_A', 'I')f I recall correctly, whale oil was selling for $5/oz back in the 50's as a watch lubricant, I suppose oil could get that expensive and still have a purpose, but that time will be far enough down the road none of us will live to see it.

[Plantagenet]

$this->bbcode_second_pass_quote('ROCKMAN', 'P') - I'm going to pick on you a little this morning but I know you can take it. LOL. “We'll have big economic problems long before oil…” Will have? There are 11.8 million unemployed today. Given the lowest unemployment can seem to reach is 4.5% we have about 5 million unemployed above that level.

[Plantagenet]

$this->bbcode_second_pass_quote('John_A', ' ')Made a mint during the volatility of the last one, the markets going wild is a much better environment to collect some coin than just steady upward marches.

[ROCKMAN]

P - I remember that thread...forgot it was you. Excepting short term spikes we may be on something of a POD plateau. And now that I've tossed out the PODP I Iike it more better than the PO plateau. The POP doesn't hold up well against increases in US oil production. But the PODP does IMHO: oil production has increased but as a result of higher oil prices which also produce negatives. And that may be the primary result of price modulating energy acquisition. Even with the multiple shocks of '08 the US economy has recovered...some what. OTOH it's difficult to imagine the PIIGS ever returning to more stable economic conditions. Though not a good time for them right maybe 10 years down the road they may look at the current situation as "the good ole days". Actually more like the "not as horrible as is it today ole days". Much may hang on those mysterious "tipping points" some toss out occasionally.