I have read the same book you have “The Coming Economic Collapse & $200/bbl. The author said rising oil prices will have a crippling effect to the economy UNLESS someone found a way to produce free energy. Well, besides the ambiguous progress of Steorn in Ireland, no one has been proven to find free energy, but there is something close to it that is very real. It turns out that there are 2 trillion barrels of oil right here in the US. It has been known for 100 years, but no one has been able to process the material the oil is trapped in – rock! That is until now… A company called oil tech estimates that it can produce oil at 5 to 28 dollars per barrel if the mines are allowed to open. And in a national crisis, I believe that America WILL open those mines and give the company excessive support in funds. While this may not prevent our country from reaching a recession, I believe it relieves us of the possibility of our civilization ending in the next few years.(be nice to us global warming…PLEASE!)
That being said, the price of oil will probably hit a tremendous high before the government realizes it needs to support Oil Tech full-power. Right now, I think the company is producing less than 30 barrels a day. We need millions of barrels to make any significant difference. Depression is still possible, but it won’t be AS serious.
