Comment 31334

By Ted Mitchell (registered) | Posted May 27, 2009 at 22:28:13

I heard Rubin interviewed on Radio 1, he's a bit of a kook. I think he has the basic view correct, but he didn't mention anything about what we can do to adapt to expensive oil with what we've got now, instead he talked a lot about sprawl reverting to farmland and people moving back to cities. Well, eventually, but not any time soon.

There's so much fat in current practices of single occupancy transportation with ridiculous vehicles, that just carpooling could make many suburbs quite practical even with $4/L gas.

I agree that the economy will sputter as the price of oil jumps with the stock market, but much more steeply.

The way out of this imho is (paradoxically) a big gas tax, with an emphasis on transportation fuels. e.g. increasing by 10 cents a litre per year for 10 years in north america. Otherwise there is no stability to get business to make the necessary changes to rolling back globalization.

But Rubin predicted $200 oil by 2010, and I think that's right on. Ditto his emphasis on expensive oil causing the global economic meltdown, not the US mortgage fiasco, because the economies of the rest of the world fell sooner and steeper than they did in the US. Cause and effect don't favour the official explanation.

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