Populations of Europe and North America got within 1/3 to 1/2 of current levels before oil even became an industrial commodity.[/quote]
Absolutely, they did! Actually today’s middle class uses more energy than kings of old. The US could get by on our internal allotment, which is 1/3 the amount, though, it would change the landscape, tremendously. You also have distribution issues with the top of the social strata trying to keep their allotment the same. Europe’s per capita is half of what American’s is today.
The biggest immediate issue is energy’s delicate interplay with debt loads and economic growth. Which are all interconnected. And hence credit and banking health. Interestingly we had the biggest bubble in history pop right as we hit peak oil. This really muddies the waters.
