It was predicted a few years ago, that 120 dollars per barrel would mean global recession.
Now the record is over 125.
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Remember those good old days three years back, when “responsible economic commentators” told it wouldn’t go above 100 dollars? I guess we can start betting when it goes over 200$ a barrel.
During the oil crisis in 70’s, the price was nowhere near this even checking the general trends in prices. And everyone was piss terrified back then. Remember those movies, “Mad Max”, “The Road Warrior” and in the 80’s “Escape from New York”.
Those were the oil shock movies. I think we should be just that piss terrified, now. But for some reason, we aren’t.
It is not the case that a more egalitarian, communal and spartan way of life will replace our current patterns of consumption. I’d love that scenario, but it won’t be like that.
So, what will it be like?
Hard line resource nationalism becomes the only game in town. Gap between have’s and have-not’s turns into a gulf.
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