The price of oil surged over $100 a barrel today. That’s not really news, since it’s been hovering near there for weeks. A report questions OPEC’s ability to meet the world’s long-term demand for oil. That’s not really news, since various reports have been doing that for years, except that this report comes from OPEC itself. And airlines are pulling out the stops to save fuel, even to the point of lightening drink carts (how long before they start doing away with drink carts altogether?), because fuel costs have risen from one-quarter of airline operating costs to one-third in less than a year. The high fuel prices are starting to pull airlines into bankruptcy.
I can go on, citing growing violence in Nigeria, record unanticipated petroleum stock depletion in the US, unexpectedly high oil demand in China – but WWO players already get the point. It’s like the World Without Oil scenario is coming true, but slowly, slowly, so as not to wake the frog dozing uneasily in its overwarm bath.