Peak oil is looking more and more feasible

http://www.cnn.com/2008/US/02/29/gas.squeeze.irpt/index.html?eref=rss_topstories

There are a few testimonials from readers on CNN.com. It all stems around gas prices. How much worse will things get and how many more people will be affected when the prices rise to $4-5 a gallon or more? A lot of people that just glance at the whole peak oil theory make the mistake of believing that the doom and gloomers think that we're going to run out of oil. It's not about running out. It's about demand increasing beyond the supply which, naturally, results in gas becoming prohibitively expensive for your average joe. This couldn't have come at a worse time. Between the credit crunch, the housing bubble bursting and the price of gas skyrocketing due to peak oil we could very well be on the verge of a major crash. Expect gas prices to further devalue the real estate market when everyone wants to move closer to their jobs but can't sell their house for anywhere near the amount that their mortgage is worth.

Comments

Anonymous said…
Yes, many people are living right on the edge, paycheck to paycheck. Even people who are making great (by our standards) money are often in hock over their heads through poor spending practices.

Won't take much to topple a great swath of the middle and lower class; rising cost of oil and food can accomplish this readily.
March 1, 2008 at 7:04 AM
Anonymous said…
What happens in a consumer oriented society when a great swath of the middle and lower class are wiped out financially is a complete breakdown of the economic system. PRices will go down. But no one will have the money to buy anything. And the middle class is about down to seeds and stems as it is.

Michael
mboone@rtccom.net
March 1, 2008 at 12:24 PM
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