Matthew Simmons on the Price of Oil

At least China got to see the light at the end of the tunnel, nothing more though

we had the medieval times, renaissance, the industrial age, ????. What should we call the future one?

@nowaywtf
There was a decline of civilization between the high middle ages and the renaissance, when the Black Death hit Europe, something similar is what's going to happen now.

I guess we'll call this the "Greater Depression", at least initially.

will this upcoming economic crisis cause a 3rd word war?

"replacing oil demand with alternative sources is not possible"

Anything is possible, it's just a matter of time and money. Sure, it will be a chock to the system, but when oil starts surging to hundreds of dollars alternative energy is going to seem increasingly attractive. Indeed, I think it's fair to suspect that real economic forces will drive renewable energy much better than climate worries ever did.

Meanwhile, of course the demand is going to have to be curbed to some extent.

I am referring to maintaining similar consumption patterns and lifestyles while shifting to alternative energy. It just seems unfair that nations like China and India can't employ the suburban path instead.

The solution to cutting down per capita consumption isn't that difficult. For one, suburbia needs to end. That does not mean throwing us into skyscrapers. Instead, present suburbs need to be zoned into mixed-used areas where inhabitants live close to work.

PS: Nuclear energy is the future.

Before you say 'plenty', you need to understand demand. Global demand is 85 million barrels/day AND GROWING as China and India industrialize and create their own middle classes. Canadian tar sands HOPE that they can ramp up production to 1 million barrels/day. Meanwhile the US consumes 21 million per day and imports 14M of that.

how does natural gas play into the equation ? there seems to be more of that resource ready to exploit .. if you believe the believers anyway ..

Nat gas is great and the recent surge in production is welcome. I actually drive a car that uses it. But that doesn't mean that its enough to replace oil. It simply cannot.

We need a very aggressive energy strategy and we need it right now.  'Drill baby drill' is NOT a strategy.

I agree, I think past the point of no return, short of finding a Cantarell or Gehwar sized oil field. In short we are fucked.
For my own entertainment and ironic musings I am installing a homemade solar panels, ie Harbor Freight on my house. Funny, I go into Home Depot's and ask for Solar & they look at me like I am asking em where the Home Nuclear battery's are.
Just bought a new sports car with the Cash for Clunkers, I'm putting the pedal to the metal till the gasoline is gone. Ha Ha.