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The Forum > Article Comments > Democrats’ Green New Deal will keep the poor…poor, and the rich…rich! > Comments

Democrats’ Green New Deal will keep the poor…poor, and the rich…rich! : Comments

By Ronald Stein, published 6/11/2024

The derivatives manufactured from raw crude oil are the basis of more than 6,000 products in our society that did not exist 200 years ago.

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Looks like there will be no Harris administration so that worry is moot. The bigger worry for the world is what happens when oil and gas are depleted to the point of being unaffordable? We know from 2008 that when WTI oil nudges $US150 per barrel the economy collapses. As we speak it is about $70.

The oil price has to increase with time unless total economic activity declines in lockstep. Some pundits say recent US oil production was a one time event. Therefore things have to get tougher perhaps after another one time sugar hit from Trump tariffs. Not just imported goods and wind turbines but domestic food production will be less affordable. We're in for a bumpy ride.
Posted by Taswegian, Wednesday, 6 November 2024 6:45:40 PM
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