I suggested at the outset of this series that I did not want it to turn into yet another exercise in mocking those who do not accept the implications of peak oil. A legitimate argument could be made that I’ve failed in that objective.
I’ve mentioned in the prior posts of this series that there were two articles posted online a number of weeks ago * which caught my attention for reasons which at first puzzled me. No disrespect intended either author, but the contents of each were fairly routine offerings by those who clearly have not accepted the rationale of Peak Oil [and/or climate change] and have a decidedly anti-liberal/progressive perspective about … probably everything. Not exactly unusual these days, is it?
One-sided stories or news features serve many purposes. Unfortunately for the public, serving their interests is rarely if ever one of the objectives … or outcomes.
The economic effects of peak oil are as obvious as they are frightening. The most immediate effect is to increase oil prices, and this has its own effect of slowing the economy down. There was a period in which Saudi Arabia could modulate the world’s rate of oil production by turning up the flow, but even that is a thing of the past. Oil prices jump up and down in response to rumors and temporary conditions — the worldwide economic slowdown has tamped them down a bit over the past few years — but the overall pattern is a steady price increase, all other things being equal….
We should understand that peak oil has probably already occurred, and we will be spending the rest of our lives, and our children their own lives, dealing with the consequences.
But we avoid the long term relevancies. There was plenty of oil yesterday and there will be enough today to maintain a modest lifestyle, and we all hope that there won’t be another big oil shock very soon….How do we prepare? 
‘[P]eak oil’ is a global issue resulting from dependency on finite oil resources and associated vulnerability to changes in supply. The global economy must engage in changes and these changes must start with our misperceptions of prosperity as synonymous with capital. If we can transition to a paradigm in which equitable distribution of resources, social justice, the environment and pacifism are valued; energy alternatives and global agreements to mitigate the effects of peak oil may actually work. Fundamentally important is a shared global commitment to these aims (links/citations in original quote). 
Given that shale oil production is, in fact, currently doing the most to meet growing oil demand, any shale oil ‘bust’ is likely to have significant implications for an already-strained oil market.  continue reading…