Quote:
|
Originally Posted by georged
A decent recession will lower demand. I still believe US refining capacity was not increased in anticipation of the US decline as an industrial power and migration to a service economy. As the US standard of living declines, so will oil consumption, repositioning oil consumption to China, India, etc. Peak oil, if there is such a thing, will have more to do with limitations on industrial expansion in those countries with payment ability. Creditor nations such as the US will have problems securing requirements on credit with a fading currency.
|
I have to wonder, though, if the peak oil crowd is right, if there is any chance at all of pulling out of such a recession.
It seems likely that a US recession would cause some burps in the world economy, it also appears than nations are being brought online to replace us as consumers. Without the US constantly blacklisting nations and pushing for sanctions against evil nations (evil being those who do not do what we say), several markets can be brought online in a relativelys hort period of time.
__________________
If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen. —Samuel Adams
|