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Politics : Rat's Nest - Chronicles of Collapse

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To: Wharf Rat who wrote (2687)	10/17/2005 4:06:05 AM
From: Wharf Rat	Read Replies (1) of 24225

Long article with lots of purty colored graphs... There is no Plan "B" Jim Puplava, Financial Sense Online The oil crisis has arrived in the United States. This summer’s storm season exposed the Achilles heel of the U.S. economy: OIL. We have reached what system analysts refer to as ”a single point of failure.” It is the one item that if it breaks down, it brings the entire system down with it. Like it or not the U.S. economy runs on oil—cheap oil—and we are running out of it. Oil powers our economy in manufacturing, transportation, and agriculture. Without it, our economy would cease to function. There is no other commodity other than water that can have such an effect on how and what we do. Oil is the lifeblood of our economy. For three decades the energy infrastructure in the U.S. has been neglected and allowed to decay. Now those chickens are coming home to roost. Politicians can bluster and pontificate all they want, but this will not solve the predicament that we now find ourselves in. The plain fact is we are running out of oil and natural gas. Oil production in the U.S. peaked in 1970. Since then, the United States has not been able to supply its own oil needs. As a result of this failure, it lost control in its ability to influence the world price of oil. This has led to a loss of control over an important part of its economic destiny. Today the U.S. economy is now totally dependent upon foreign sources of oil and natural gas. Our country has also moved to dependence on refined oil products such as gasoline, diesel and jet fuel due to a lack of refinery capacity; a problem that will only grow worse with time. (14 October 2005) Recommended by Big Gav in a post on his Peak Energy (Australia), describing it as: a long article on the energy crisis (a bit too long if you ask me - however there is plenty of detail and a number of good diagrams). I'd disagree with some of his points (more refineries needed in the US ? is that really the best thing to be investing in to create long term energy security ?) but on the whole it is worth reading. It also includes the most memorable phrase of the wek - "SOS - Stuck On Stupid". \http://www.financialsense.com/stormwatch/2005/1014.html

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