Please note that these posts aren’t meant to create anxiety or arouse a sense of apocalypticism (i.e., the world is ending very soon). Rather, peak oil is virtually guaranteed to create massive problems (and already has) with much of the third and developing world, which in turn means greater exploitation, greater nationalism and protectionist policies, an increasingly larger wealth distribution gap.
So, the same old story of the rich getting richer and the poor getting poorer – or even starving.
What are you doing about it?
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBEjDi4er6jI&refer=home
July 14 (Bloomberg) — Crude oil rose above $78 a barrel for the first time as concern mounted that escalating violence in the Middle East, supplier of 30 percent of the world’s oil, may cut supply.
Israeli forces attacked Lebanon for a third day. Iran, embroiled in a dispute with the United Nations over its nuclear research, warned Israel against expanding the conflict. Chevron Corp. today said 40 workers in Nigeria were released after being held by kidnappers.
“I’m not going to say we’re going to $100 a barrel right away, but neither am I going to rule it out,” said Peter Beutel, president of Cameron Hanover Inc., a New Canaan, Connecticut, energy consultant. “If events drag Iran into the situation and it deteriorates to the point that they want to block the Strait of Hormuz, and we get a hurricane, yes, we will see $100.”
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