PO may cause massive economic jitters around the globe, it may cause countries to contribute less food to some 3rd world nations, and it will probably exacerbate global warming, but it will not be TEOTWASKI.
Between LNG imports, coal, liquefied coal, nuclear generation, new refineries to process heavy oil, off shore drilling, and possible dredging for methane ice, we have plenty of energy to burn for the foreseeable (next couple of hundred years) future.
Yes, we will probably face some hard economic times (more due to economic bubbles, the fed and imports than any thing else.) in the near term. Longer term, I think we will strong arm the Chinese into floating their currency which will cause the trade balance to even out a bit. (Heck, we might even start to export food and/or coal to them.)
Anyway, no end of world, no die off (at least in 1st world, 3rd world dieing every day(AIDS, hunger, etc.)), and no Mad Max.
For those of you contemplating what to do about your college degrees, STAY IN SCHOOL. We will still have most of the same jobs for a long time coming, what ever you do, don't go into debt(bad idea PO or not), and try not to stress about things too much.
We really are a clever species, and what ever train happens to be coming our way (Food shortages(pre green revolution), Cold War, Y2K, PO, etc.) we might wait for some pain to start, but we have really honed our ability to get out of the train's way.
-Viper
