Status Updates From The Big Flatline: Oil and t...

The Canadian tar sands oil will go to China or the US. It is very dirty stuff and will surely ruin much of Alberta.

"You can draw a straight line between oil consumption and GDP growth. The more oil we burn, the faster the global economy grows. On average over the last four decades, a 1 percent bump in world oil consumption has led to a 2 percent increase in global GDP. That means if GDP increased by 4 percent a year—as it often did before the 2008 recession—oil consumption was increasing by 2%"

United States consumes almost a fifth of the oil used in the world every day. Not long ago, when oil was $20 a barrel, the United States was the locomotive of global economic growth. Washingtonwas running budget surpluses. The jobless rate at the beginning of the last decade was at a forty-year low. Around the country, people slept soundly knowing that dreamsof early retirement were almost in reach... Today oil price

Oil prices will stay high "And make no mistake, higher energy prices aren’t a symptom of our economic problems—they’re the cause. The price of Brent crude, the de facto oil benchmark used in pricing almost three-quarters of the oil traded in the world, crossed the triple-digit threshold in early 2011, and it hasn’t lookedback since. Even West Texas Intermediate, the US-based price, is trading around $100 a barrel."

Pg 49 chapter 2 ipl west Check out this book on Goodreads: The Big Flatline: Oil and the No-Growth Economy http:// www.goodreads.com/book/show/13575342-...

Chap 2