[SoothSayer]

Hirsch in his report to the US goverment suggests that we would have only one year's warning of Peak Oil when it arrives.

Following any such announcement - plus supporting TV documentaries - what would the immediate effect be on the economy?

What would all those CEOs think on being told "global economic growth is effectively over".

How would the stockmarkets react?

Even 'though the worst effects of PO might take 2-10 years to arrive, what would this "foreshock" do to the economy, government etc?

On a personal level I'm not sure how even I will react ... so what will the world do?

Any ideas?

Edit: typo fixed

[RonMN]

I think if the persons/CEOs/etc were smart enough to realize that PO means no more economic growth...then the immediate effects would probably be large purchases (and price increases) of gold, silver, land & ammunition. To do this they would sell off their stocks (thus a stock market crash or brutal correction at the very least).

IMHO i think a public announcment would crash the world economy within days or weeks.

[NeoPeasant]

I look at the oil business news every day, they always manage to blame the movement of prices that day to some event that may or may not be related. They rarely mention that supply is struggling, with little success, to grow. We will be well into peak oil and it's effects before it is officialy acknowledged, if ever.

[savethehumans]

What? You were expecting them to tell the TRUTH?

[ohanian]

$this->bbcode_second_pass_quote('savethehumans', 'W')hat? You were expecting them to tell the TRUTH?

[RAILER]

I don't believe that there would be any short term effects of such a warning. Most people would likely spend the year blaming Big Oil and then expecting the Government to fix the problem. (Kinda like what's happening now!)

[Lighthouse]

Everyone is complaining about "cheap" oil. However it seemes we are coping well: Still all this SUV's on the roads, airconditioners on with open windows, plastik bags in the supermarket etc.

But my question would be, how much higher can oil go before the economy would show some major cracks? $100? $200?

[Rijnswand]

So who would tell the world that we've passed PO? GWB?

Would people understand? "There's plenty of oil left, why worry?"

What would he actually say? "Sorry folks, oil will run out in 20 years. That's why you've got to stop using it now."

Would people believe? Probably not, they'd just blame the arabs for raising the prices and ask GWB to "liberate" the oil fields.

[strider3700]

$this->bbcode_second_pass_quote('Lighthouse', 'E')veryone is complaining about "cheap" oil. However it seemes we are coping well: Still all this SUV's on the roads, airconditioners on with open windows, plastik bags in the supermarket etc.

But my question would be, how much higher can oil go before the economy would show some major cracks? $100? $200?