The BIG DECEPTION
Russian and the Mideast are sure loving these escalating oil prices. Their economies are booming. As a result they’re consuming more oil and exporting less. Dove tail this with global giant oil field depletion (average age +55 years) and this will make the downside of peak oil even steeper.
The forthcoming decline in global oil exports.
So the BIG DECEPTION is gonna be the war with Iran. We’re gonna blame our economic woes and deficient domestic energy fundamentals on those evil Iranians.
But the truth is our global economy stalled because oil supplies did. Contrary to economic dogma, sky high oil prices haven’t spurred supplies or curtailed demand. So oil prices go up and stay up. Our wealth keeps flowing to oil producers. It doesnt leave enough for debt service. And when oil prices move even higher, its going to get worse.
Its biting the little countries like Greece and Hungary first but don’t think we’re immune. After all, we’ve gone from the largest creditor nation and largest oil exporter in the world – post WWII- to the largest recipient of oil and debt (by far-there’s no close 2nd!).
So global oil supplies have plateaued. Oil exports are already starting to drop. Its time for action! Don’t be scrutinizing that oil export downslope on the road ahead. We might not have the oil reserves we used to but it sure financed lots of slick military harware. We’ve had a couple of warm-ups in Iraq and Libya. Next up is the big one. And when the economy of the largest oil consumer in the world drops faster than the above depicted oil export chart, just remember it was caused by those evil expasionist Iranians!