On one side, the Chicken Little Brigade says the end of cheap oil will cause an abrupt worldwide economic crash, casting civilization into violence and turmoil.The lucky ones might escape with a modest agrarian life, carving tools by candlelight and wondering what would have happened on the next season of ”Desperate Housewives.”
On the other side, the Ostrich Brigade says the free market will handle the transition smoothly. No need to fret. Now return to your SUV and back away slowly.
Both perspectives are flawed. The coming disruptions are not inevitably catastrophic, so we can’t just sit back and await the Apocalypse. But the world’s influence-ridden energy markets are anything but ”free,” so we can’t just sit back and wait for things to work themselves out either. The only question is whether we participate actively or passively.