Budget deficits explode. Inflation rules. Stock markets plunge. Houses foreclose. Great powers clash. This may be our future if we do not take more serious steps on energy than those offered in the energy bill that President Bush recently signed…
In the absence of serious alternatives to oil, oil prices will spike possibly to more than $100 a barrel in anticipation that demand for oil will slowly outrun supply. That could trigger a global recession or worse. Even if rising prices spur research into affordable alternatives, it will take many years, perhaps decades, for the global economy to shift to them because oil penetrates all walks of life. We can’t switch away from it overnight. Even if peak oil comes in 2020 or 2025, we are still behind in the race.
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