 | The ASPO-Italy conference in Torino | The Oil Drum: Europe | La sicurezza delle forniture di gas in Europa |  |
47 comments on What would $120 oil mean for the global economy?
Comments can no longer be added to this story.
Blogroll
- ASPO The official site of the Association for the Study of Peak Oil & Gas.
- Energy Bulletin Clearing house for news regarding the peak in global energy supply.
- PowerSwitch Dedicated to raising awareness & discussion of the impending & permanent decline of cheap oil & gas supply.
- ODAC Oil Depletion Analysis Centre working to raise awareness and promote better understanding of the world's oil-depletion problem.
- Global Public Media Public service broadcasting for a post carbon world.
- Post Carbon Institute Learning to live in a low energy world.
- PeakOil.com US site and forum to educate and promote awareness of global hydrocarbon depletion.
- FEASTA The Foundation for the Economics of Sustainability
- Tradable Energy Quotas (TEQs) This website describes an effective and fair response both to climate change and oil/gas depletion
Other Blogs
User login
Personnel
Editors
Contributors
Peak Oil Primers
Archives
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- June 2006
- May 2006
- April 2006
- March 2006
Vital Trivia
License
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 United States License.
GAIA Host Collective
As all the new money being printed to finance this consumption is being recycled by those at the
top of the Malthusian chain (i.e. Dubai and Norway). Our outdated measures of economic growth will continue to look like everything is fine (until it isn't). In the late 70's, there was an actual and significant
decrease in the amount of oil consumed in the US - this was the cause of the recession, not high prices.
Only the poor will really feel it this time, and in our economic metrics, they don't seem to matter much.
Abandoned Ford F-150s with 0% financing in the trailer parks are the tell. Even the repo man does not want them.
That is my take as well.. the oil price as a percentage of global GDP has it all backwards.. The total GDP is the profit from burning the oil
The economy is your power consumption. The price is what exactly? The gap between the fuel cost and the total GDP is your profit margin or a measure of efficiency if you like.
Boris
London
Mention of money gets my attention!
In a series of postings at Question Everything I have been exploring the question of "what is money?" in reality. All talk of comparing oil price in monetary terms with GDP (also in monetary terms) is doomed to erroneous conclusion. Dollars as a measure of anything are notoriously rife with error and distortions. The problem is that the dollar is no longer representative of a real physical unit. Noting that energy available to do work is the only REAL currency in the world (economy + ecosystems) that has unambiguous meaning, I have proposed that we adopt an energy standard as the basis of valuation of money.
You can follow some of my reasoning and analysis of large-scale impacts of adopting this standard at the above link.
Trying to understand the price/cost of oil using the current measuring device is like trying to measure distance using a rubber yard stick (Samuleson).
George