Most experts believe that the maximum rate of global petroleum extraction has already been reached, and that from now on the rate of production is in terminal decline.
Life American-style is based on cheap oil. It fuels not only our travel and heats our homes, but also fuels and heats our bodies directly; the fertilizers upon which modern agriculture is dependent are made of petroluem, as our a vast array of industrial products. Now these and everything else from sprawling suburbs to cheap goods shipped just in time from around the globe are at risk. Across the board the cost of living will explode.
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