Implications of Peak Oil for Industrialized Societies

Abstract

The world passed the halfway point of oil supply in 2005. World demand for oil likely will severely outstrip supply in 2008, leading to increasingly higher oil prices. Consequences are likely to include increasing gasoline prices, rapidly increasing inflation, and subsequently a series of increasingly severe recessions followed by a worldwide economic depression. Consequences may include, particularly in industrialized countries such as the United States, massive unemployment, economic collapse, and chaos.