Crash Course: Chapter 17a - Peak Oil by Chris Martenson

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VeryEvilPettingZoo, at $8.00 a gallon, it is game over. When it takes more energy to extract the oil than you get out of the ground you get a net loss of energy. You can't break the laws of thermodynamics no matter how hard you try.

You are so right. It is taking 10 calories burnt to provide us with one calorie. The end result is inevitable failure. Get ready to take a step back 200 plus years in the near future.

The USA has enough coal and natural gas to last a hundred years......not to mention oil shale....which is currently restricted by environmentalists

Sure!. Just wait some few years...it will be fun.

I dont know what you mean by your comment

"elasticity of global oil demand" When pricing oil in gold you will see it has fallen in price at least 3000%. Gas is a product made from oil. There is plenty of oil for 1000s of years. Lets say that oil peak is real. HEMP. We can provide all the fuel required with less effort than you might think. Do the math.

@VeryEvilPettingZoo
Basically you are right. But the problem is, that when production is going down 3% a year and demand does not stop growing 2% each year, there are 5 % missing on the market each year which leads us to prices exploding geometrically over the next decade until the "Law of Supply and Demand" finds its new equilibrium e.g. at $250.

(cont)
Also, the supply will change with price in a new way after passing global peak oil. When oil really becomes scare, it'll become profitable to spend LOTS more to extract it from poor fields.

Ultimately, there's only so much oil, so economies must change. The question is the relative speeds between this transition and the diminishing supply. An economic collapse is far from obvious, though a loss of prosperity is.

My examples were for the USA. I don't know about the global situation