Krugman on Peak Oil

Running out of planet to exploit:

Suppose that we really are running up against global limits. What does it mean?

Even if it turns out that we’re really at or near peak world oil production, that doesn’t mean that one day we’ll say, “Oh my God! We just ran out of oil!” and watch civilization collapse into “Mad Max” anarchy.

But rich countries will face steady pressure on their economies from rising resource prices, making it harder to raise their standard of living. And some poor countries will find themselves living dangerously close to the edge — or over it.

Don’t look now, but the good times may have just stopped rolling.

"Good times"? In a Krugman piece?

Comments

[David Zetland]

I think much the same: Conversation with my dad.

[Cervus]

I don't like the guy, but he's probably right. Unless we have a worldwide recession that reduces demand, all commodities will continue to rise. The only silver lining here with the dollar drop are our increasing exports. But Americans should get used to gas prices this high.

[Mr. Econotarian]

If OPEC countries de-nationalized their oil companies, I'm certain there would be a production bonanza (for a while, at least!)

[reason]

Econotrarian....
assume we have a can opener! OMG!