\'The situation has declined dramatically\'
“The outlook has darkened dramatically”

Another article in the paper that’s straight out of World Without Oil: “Between surging oil prices, food inflation and a credit crunch that’s depressed global growth, leaders from the Group of Eight face the gravest combination of economic woes in at least a decade when they meet next week. The outlook has darkened dramatically since last year’s summit in Germany, when leaders declared the global economy was in ‘good condition’ and oil cost $70 a barrel – which seemed high at the time… ‘Now you have a financial disorder where the epicenter is the U.S.,’ said Robert Hormats, vice chairman at Goldman Sachs in New York. And fuel and food inflation ‘are serious matters that affect large numbers of people.'”

“On oil, analysts are skeptical that the G-8 leaders – representing the United States, Japan, Britain, France, Germany, Russia, Italy and Canada – will come up with much beyond urging major petroleum producers to boost output” – um, does it strike anyone else as naive to ask sane businesspeople to work harder and invest more money so as to undercut their own price for a commodity they only have a finite supply of? The reaction to these pleas, BTW, has pretty much been what any pusher says to his john. Photo by rednuht via Flickr.

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