Why Your World Is About to Get a Whole Lot Smaller

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Cheap oil has enabled a lifestyle characterized by foreign imports, large homes, big cars, and frequent flying. In contrast, expensive oil promotes local food, small cars, and reduced travel. Our civilization heavily relies on cheap oil, and as supplies dwindle and prices become volatile, we are facing a significant upheaval. Trade, finance, shipping, manufacturing, labor, and international relations will all be impacted as energy costs rise and do not return to previous lows. Jeff Rubin has long predicted the consequences of diminishing oil supplies on prices and now outlines what lies ahead, including the rebound of oil prices post-economic crisis and the end of permanently cheap oil. He argues that traditional economic principles fail to apply to oil markets, leading to continued price increases despite rising demand. The acceleration of oil depletion driven by globalization and developing economies will result in new inflation, marked by higher food and transport costs. However, there is a silver lining: soaring oil prices may foster a shift toward localized living, revitalizing national manufacturing, encouraging local food production, and prompting positive changes in our lifestyles and work environments.