by yesplease » Thu 10 Jul 2008, 06:34:21
$this->bbcode_second_pass_quote('TonyPrep', 'W')ell, I think an economy that would normally need x oil in a year but can only get its hands on x-y, would have a problem. The economy would shrink and jobs would be lost. You can wait for more information, if you like, though I don't know what that would be.
Like I said before, that depends on the definition. For instance, the US economy apparently needed more oil from 1975-2004, but the Japanese economy didn't. The Japanese economy otoh, grew more than the US economy, overall, going from a ratio of ~3.3:1 (US/JP) in 1975 to ~2.6:1 in 2004. During the same time period, the US population grew by a factor of ~1.36, while the Japanese population grew by a factor of ~1.14, so the increase in per capita GDP was way larger in Japan. The difference? IMO,
energy policy. Why? Likely the externalities associated w/ conspicuous fossil fuel use. For instance externalized costs from automobile use also accounts for ~2-15% of US GDP. Japan, otoh, while still having problems from autos, has likely seen far fewer problems than the US due to emphasizing efficiency and keeping oil consumption flat.
Clearly, it isn't just about oil decline, it also depends on many other factors as to whether or not it'll be a problem.
$this->bbcode_second_pass_quote('Professor Membrane', ' ')Not now son, I'm making ... TOAST!