War for No Oil

That means enormous price spikes. These work in two ways. One is that a sufficiently drastic shift in prices will lead people to undertake disruptive changes in their personal behavior. The other is that unemployment is a major fuel economizer. When households cut back on restaurant meals because all their income is going to gasoline, waitresses get laid off. When you don?t have a job, suddenly you?re not commuting, and energy consumption falls. Similarly, a collapse in factory orders means fewer and lighter trucks are on the road delivering goods. A severe recession and a major decline in the per capita level of economic activity, in other words, is the only way for the world economy to adapt to a sudden reduction in fuel quantity.

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