by Jack » Wed 21 Feb 2007, 23:34:25
$this->bbcode_second_pass_quote('MonteQuest', '
')You mean 8 months past the July 2006 high-peak-so-far of world oil production.
(snip)
Like anything else, it takes time for these factors to work their way through the economy.
Trust me, we will notice when it comes.
To call a post-peak oil world prematurely and claim no effects is a strawman.
I could not agree more, MonteQuest.
I recall the Savings & Loan debacle some years ago. All was well, money was being made hand over fist - and the savings & loan industry was a hot as could be.
Congress changed the tax laws, and reined in the S&Ls. Most of us didn't notice anything. Oh, there were fewer real estate flips. One heard rumors of tightening loan standards. But the day in and day out ebb and flow of commerce - even at the S&Ls continued.
Over the course of years, the problem played itself out. Once-great S&Ls failed. Family dynasties crumbled. People went to prison. And an industry bail-out was required.
With oil, the change is deeper, more profound - more deadly. But the effects will, I think, take time before we see and feel them.
We will see higher food prices - the action of corn on the exchange guarantees it. We will see increased gasoline costs. Each item in isolation will seem insignificant. Few will connect the dots; rather, most will see the troubles as disjoint.
I fully expect it to take years - but not decades, nor even a decade - before we experience some of the troubles discussed here. There is an inertia within the economy, and it takes time for things to change. Thus will it be now.
But before anyone smiles indulgently and says, effectively, that peak oil is nothing to be worried about, they should consider that the same inertial quality that delayed the onset will make the ultimate consequences worse.