I don't really believe in "peak oil," though I'll buy the concept of peak cheap oil. But Randall Parker does, and thinks we're there, and is worried about the transition. Lot of good discussion in comments.

In my opinion, it will only be a problem if the government mucks with the market too much. Unfortunately, at least based on their behavior in the seventies, that's not an unlikely possibility.

Rand,

The energy "market" is anything but. Oil, natural gas, nuclear, wind... there are no "markets" out there.

Were there markets, the bulk of the new nuclear power plant construction would be in the US, and the wind turbines off Cape Ted, er, Cape Cod, would already be spinning. There would already be oil and natural gas production off the Florida and California coasts. Pemex would have the cash needed to invest in greater production.

Instead, the American aristocrats and their retainers have properly determined that control of energy = control of people, and are acting accordingly.

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Now, I await the holy wisdom of "" and "anonymous"....