IAN: Well I do subscribe to the theory of peak oil. But again, I think the demand for oil is going to drop precipitously. Simply because no one’s gonna be working. Again if we use the idea that 45% of the U.S economy is going to be halted. That means essentially that the same kind of oil demand is the percentage dropping oil demand is also going to occur in the United States. And we are only picking on the United States because she has the largest economy in the world but we are all going be in be in the same boat.
So the whole world economy is going to drop by that kind of percentage.
TRACE: But not necessarily a precipitous enough drop that we could see 90% of the earth’s population washed away in this winter because of unsustainability?
IAN: Well, you are not going to see that because, as you know, there is a significant part of the world’s population who basically do not have anything anyway. If we go into Africa, or huge parts of China, India, etc. even though they are emerging nations they still have a large percentage of the population that are extremely poor.
So it is the wealthy nations that are really going to be hurt by this downturn and I think in particular, it is going to be WASP nations- United States, Canada, Australia and Great Britain, because that is probably where we saw biggest debt burden incurred.
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IAN: Well I do subscribe to the theory of peak oil. But again, I think the demand for oil is going to drop precipitously. Simply because no one’s gonna be working. Again if we use the idea that 45% of the U.S economy is going to be halted. That means essentially that the same kind of oil demand is the percentage dropping oil demand is also going to occur in the United States. And we are only picking on the United States because she has the largest economy in the world but we are all going be in be in the same boat.
