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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (4064)	5/3/2006 9:41:31 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24231

today's oil drum [new] westexas on Wed May 03 at 8:54 AM EST Our two cleanest HL case histories were the US Lower 48 and the North Sea--they peaked (29 years apart) at slightly less than 50% of Qt and at slightly more than 50% of Qt respectively. As they say, always start with the simplest explanation, i.e., that Deffeyes had it right that we did peak in or around December, 2005. In the first four months of 2006, we have seen: (1) new record high (nominal) oil prices; (2) declining US petroleum imports; (3) falling world oil production and (4) in today's NYT, a headline saying "Energy Crisis." IMO, we should all base our plans on the following three assumptions: (1) US discretionary income will drop by at least 50% (probably closer to 75%); (2) gasoline prices will go to more than $6 per gallon and (3) your current household income will drop by 50% theoildrum.com