The Peak Oil Crisis: Rationing by Price

..In the last few months, riots, some resulting in many deaths, have taken place across the underdeveloped world as governments have been forced to raise fuel prices. The returns aren’t in as yet but the conclusion seems obvious. To Americans and others in the industrialized world $2.50 or even $6 gasoline is, or will be, an inconvenience requiring some adjustments in lifestyle; to most of the world however, $60 per barrel oil is beyond what most can afford to enjoy even the barest minimum trappings of industrial civilization.

The irony of all this is that the demand destruction currently taking place in the third world simply frees up sufficient fuel to allow the industrialized and industrializing nations to carry on with business as usual for a few more months or, perhaps, a few more years. But peak oil will come. With the same inevitability as the rising and setting sun or the changing of the seasons, it will come.

Falls Church News Press