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Extra info for Golf World Monday - 24 January 2011
More and more countries will decide to reserve oil and gas supplies for their own people. Air 34 The Oil Age is Over quality will be ignored as coal production and consumption expand once more. Once the decline really gets under way, liquids production will fall relentlessly by 5% per year. Energy prices will rise remorselessly. Inflation will become endemic. 69 26. The "end of the world" is here, once again. So what's new? Y2K was supposed to be the end of the world, and it turned out to be much ado about nothing.
The one crying wolf is abandoned unless the wolf turns out to be already at the front door, and by then, the cry is generally too late. And crises are basically problems, by definition, that have gone ignored. " Peak Oil differs from previous “end of the world” scenarios such as Y2K in the following ways: 1. ” 2. Peak Oil is based on scientific fact, not subjective speculation. 3. Government and industry began preparing for Y2K a full 5-10 years before the problem was to occur. We are within 10 years of Peak Oil, and we have made no preparations for it.
It's always possible that a substitute for oil will be found, but implementation of that (yet unknown) substitute energy will present Herculean challenges and may institute a collapse in and of itself. 50 The Oil Age is Over C. Market Indicators Will Come Too Late Classical economics works well so long as the market indicators arrive early enough for people to adapt. In regards to oil, market indicators will likely come too late for us to implement even the modest solutions we have available. Once the price of oil gets high enough that people begin to seriously consider alternatives, those alternatives will become too expensive to implement on a wide scale.