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mk · 4890 days ago · link · · parent · post: Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever
That much seems to be true. There isn't much hope that we can bring oil online as fast as demand for it rises. My guess is that we'll really be able to test this for a peak after the global economy recovers. However, that might be some time coming.
Personally, I think food is going to be even more dicey before energy. Water tables are dropping all over the place.
thenewgreen · 4890 days ago · link ·
As China and India's middle classes grow and they get a penchant for foods that they previously ate little of, it will drive prices up too. -It already is. For example, China is eating more beef and they aren't able to produce enough. Therefore they are importing it from the US, thus driving our cattle prices up. Food Costs are going to be an issue. That being said, we currently spend a very small percentage of our incomes on food. -If I recall it was at about 15% in 1975 and in 2005 it was around 10% of total income. -Much like "prices at the pump", people will not care until it hits them directly in the wallet.