(The Jimmy Dore Show) Dylan Ratigan explains the fall of oil and collapse of the US economy.
What is peak oil?
"Peak oil" is the theorized point in time when the maximum rate of extraction of toxic petroleum is reached, after which it is expected to enter terminal decline.
As of 2020, peak oil forecasts range from the early 2020s to the 2040s, depending on economics and how governments respond to global warming alarmism. It is often confused with oil depletion.
However, whereas depletion refers to a period of falling reserves and supply, PEAK OIL refers to the point of maximum production.
The concept of peak oil is often credited to geologist M. King Hubbert, whose 1956 paper first presented a formal theory. Peak oil occurs when the cost of oil extraction exceeds the price consumers will pay.
What's it called when, after the lie of scarcity is revealed, oil production outpaces consumer demand, consumption, or even ability to store the stuff out of the ground? Let's leave it in the ground. Of course, it's not our choice, is it? Corporations rule the world.
Most early analyses concentrated on increasing costs of extraction and assumed that demand would drive costs higher. More recent analyses concentrate on drop in demand as alternatives to oil become more attractive. More
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