That has some pretty significant consequences. Of the 11 recessions the US has experienced since World War II, 10 have been preceded by a sudden change in oil prices. The US isn’t alone, either. Italy’s entire trade deficit, which has contributed to its financial troubles, can be accounted for by the rise in imported oil. The world, it seems, has allowed its economies to become entirely dependent upon fossil fuels. “If oil production can’t grow, the implication is that the economy can’t grow either,” the authors write. “This is such a frightening prospect that many have simply avoided considering it.”
From an Ars Technica review of the Nature article.
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