The end of the oil economy

Michael T. Klare elucidates on the end of the oil economy here.. The gist of what he says is that
Oil Shockwave identified a set of conditions that provide a vivid preview of what we can expect during the Twilight Era of Petroleum:


*Global oil prices exceeding $150 per barrel
*Gasoline prices of $5.00 or more per gallon
*A spike in the consumer price index of more than 12%
*A protracted recession
*A decline of over 25% in the Standard & Poor's 500 stock index
*A crisis with China over Taiwan
*Increased friction with Saudi Arabia over U.S. policy toward Israel

Whether or not we experience these precise conditions cannot be foreseen at this time, it is incontestable that a slowdown in the global production of petroleum will produce increasingly severe developments of this sort and, in a far tenser, more desperate world, almost certainly threaten resource wars of all sorts; nor will this be a temporary situation from which we can hope to recover quickly. It will be a semi-permanent state of affairs.