As the world passes the all-time oil production high and watches as the price of a barrel of oil busts another record, as it did last week, these systems will run into trouble. Instability in one sector will bleed into another. Shocks to the oil markets will hurt trucking, which will slow commerce and food distribution, manufacturing and the tourist industry in a chain of cascading effects. Problems in finance will squeeze any enterprise that requires capital, including oil exploration and production, as well as government spending. These systems are all interrelated. They all face a crisis. ...
I just watched a piece on the News Hour about all those Chinese moving up to cars. They're gonna be requiring fuel for those cars, and they will buy it in competition with us. Someday, we'll look back to four-buck gasoline with nostalgic yearning. Read all Kunstler's piece here. NB: There are twice too many people in the world.
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