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Bytesmiths @ TOD on March 25, 2009 (link)
What's happened is that the growth-based economy has bumped up against the glass ceiling of energy availability. This has caused a "bounce" off that glass ceiling, if you will, and at some point, $40-$50 oil will once again fuel growth, and we will come up and smack our heads on the glass ceiling again. Only the next time, it won't be at 85.5 million barrels a day; it may be at 83 mb/d (3% annual decline), or lower.
We'll see this cycle repeat: bumping up against energy constraint glass ceiling, followed by an energy-shock recession, followed by cheap(er) energy, followed by wildly optimistic growth, followed by bumping up against the glass ceiling again, only lower this time.