[ExI] The sky is falling!
pharos at gmail.com
Fri Mar 27 10:01:52 UTC 2009
On 3/27/09, Rafal Smigrodzki wrote:
> ### If there was even the remote possibility of this happening in the
> foreseeable future (i.e. before the singularity wipes us out), oil
> futures would be shooting through the roof, and they aren't.
Haven't you noticed? The sky has already fallen.
Oil prices had a huge peak at the peak of the bubble.
Then collapsed as the economy collapsed.
The world is now in a multi-year depression with over-capacity in
almost all industries. Industrial production and oil burning will not
recover for many years yet.
Oil futures are showing a small expected rise during the future
depression years as they are *hoping* for a slow recovery.
The next, say, five years will be 'make-do-and-mend' years.
With replacement power sources coming on line in future years,
electric cars, solar power, mini windmills on every house, etc. future
expected oil usage has dropped, therefore extending the life of
existing reserves. If few people use oil any more, the reserves will
last for ever!
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