Let’s be clear. This isn’t about $100 oil. In the near future you can add another 50%, or even double that figure, and just keep on going.
What’s the world going to look like with oil at $200, $300, $400 a barrel? That’s a crazy notion – it sounds like madness. And if you think so, then just go back and read this post again.
So, let me reiterate. The price of oil has risen 900% within the last nine years. It rose 50%, year-on-year inside the last twelve months to reach that $100 peak. Maybe not tomorrow, but before too long, you can double that again. And after that, you can just keep on going.
Emphasis added by me.
The end of cheap oil brings with it the end of cheap food, the end of cheap housing.
The end of cheap everything.
All of those people living in the Northeast (hey, that's me!) are going to start looking for warmer areas to live it. This coming winter's home heating bills with be a multiple of their monthly mortgage payments.
In New York City, fuel pass-along adjustments by landlords will rock the city.
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