{"id":3259,"date":"2014-12-19T07:52:46","date_gmt":"2014-12-19T12:52:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3259"},"modified":"2014-12-19T07:52:46","modified_gmt":"2014-12-19T12:52:46","slug":"the-archdruid-report-deja-vu-all-over-again","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3259","title":{"rendered":"The Archdruid Report: D\u00e9j\u00e0 Vu All Over Again"},"content":{"rendered":"

The Archdruid Report: D\u00e9j\u00e0 Vu All Over Again<\/a>.<\/p>\n

Over the last few weeks, a number of regular readers of\u00a0The Archdruid Report<\/i>\u00a0have asked me what I think about the recent plunge in the price of oil and the apparent end of the fracking bubble. That interest seems to be fairly widespread, and has attracted many of the usual narratives; the\u00a0\u00a0blogosphere is full of claims that the Saudis crashed the price of oil to break the US fracking industry, or that Obama got the Saudis to crash the price of oil to punish the Russians, or what have you.\n<\/div>\n
I suspect, for my part, that what\u2019s going on is considerably more important. To start with, oil isn\u2019t the only thing that\u2019s in steep decline. Many other major commodities\u2014coal, iron ore, and copper among them\u2014have registered comparable declines over the course of the last few months. I have no doubt that the Saudi government has its own reasons for keeping their own oil production at full tilt even though the price is crashing, but they don\u2019t control the price of those other commodities, or the pace of commercial shipping\u2014another thing that has dropped steeply in recent months.<\/div>\n
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What\u2019s going on, rather, is something that a number of us in the peak oil scene have been warning about for a while now. Since most of the world\u2019s economies run on petroleum products, the steep oil prices of the last few years have taken a hefty bite out of all economic activities.\u00a0\u00a0The consequences of that were papered over for a while by frantic central bank activities, but they\u2019ve finally begun to come home to roost in what\u2019s politely called \u201cdemand destruction\u201d\u2014in less opaque terms, the process by which those who can no longer afford goods or services stop buying them.<\/div>\n
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<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

The Archdruid Report: D\u00e9j\u00e0 Vu All Over Again. Over the last few weeks, a number of regular readers of\u00a0The Archdruid Report\u00a0have asked me what I think about the recent plunge in the price of oil and the apparent end of the fracking bubble. That interest seems to be fairly widespread, and has attracted many of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[2019,1775,617],"class_list":["post-3259","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-demand-destruction","tag-oil-price-collapse","tag-peak-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3259"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3259\/revisions"}],"predecessor-version":[{"id":3260,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3259\/revisions\/3260"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}