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Our way of life?
After peaking:
Oil Production will begin to decline (or may stay on a plateau for a while, depending on demand)
Demand is likely to continue to increase globally, though it may be reduced locally by changes in behaviour, recession or rationing.
The price of oil is likely to rise, perhaps by sharp increases followed by reductions which do not quite restore the previous position.
Prices dependent on oil are likely to rise, businesses may become unprofitable, priorities may change. Growth – constant and taken for granted - is unlikely to be sustainable
What is your First Response? What effects do you feel would follow?