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From the Publisher
What do subprime mortgages, Atlantic salmon dinners, SUVs and
globalization have in common?
They all depend on cheap oil. And in a world of dwindling oil
supplies and steadily mounting demand around the world, there is no
such thing as cheap oil. Oil might be less expensive in the middle
of a recession, but it will never be cheap again.
Take away cheap oil, and the global economy is getting the shock of
From the ageing oilfields of Saudi Arabia and the United States to
the Canadian tar sands, from the shopping malls of Dubai to the
shuttered auto plants of North America and Europe, from the
made-in-China products on the shelves of the Wal-Mart down the road
to the collapse of Wall Street giants, everything is connected to
the price of oil
Interest rates, carbon trading, inflation, farmers' markets and the
wave of trade protectionism washing up all over the world in the
wake of various economic stimulus and bailout packages - they all
hinge on the new realities of a world where demand for oil
eventually outstrips supply.
According to maverick economist Jeff Rubin, there will be no energy
bailout. The global economy has suffered oil crises in the past,
but this time around the rules have changed. And that means the
future is not going to be a continuation of the past. For
generations we have built wealth by burning more and more oil. Our
cars, our homes, our whole world has been getting bigger in the
cheap-oil era. Now it is about to get smaller.
There will be winners as well as losers as the age of globalization
comes to an end. The auto industry will never recover from this
oil-induced recession, but other manufacturers will be opening up
mothballed factories. Distance will soon cost money, and so will
burning carbon - both will bring long-lost jobs back home. We may
not see the kind of economic growth that globalization has brought,
but local economies will be revitalized, as will our cities and
Whether we like it or not, our world is about to get a whole lot