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What the heck ZH dudes? You seem not to care much about oil? No comments? If oil became the only thing backing the $ maybe we shold be more interested even if it's a bit dirty.
If the world is overflowing with this new black gold recovery doesn't come, then deflationistas might be right in the end. If oil tanks, what will happen to yellow gold? Or will once again Arabs will do a repeat, no oil for confetti? I think the latter is the more likely.
More interested in PO, than the day to day.
PO has been covered in depth here at zh in other posts...
The Obama regime only views oil as an after thought.
Green technology, proven or dreamed, is the wave of the future. Windmills, water wheels and 90 % eff. solar are not only easy but right at hand.
Barry is, barry was, barry is the answer to everything. Unicorns and rainbows, with a commitment to diversity, unions, and the SEIU, oil has no meaning anymore.
Unless you want to control your economy that is.
Petroleum oil has an energy density of 42MegaJoules per kilogram and flows quite nicely. 1 gallon of gas = 33kwh
Shouldn't be a problem at all to find a suitable substitute. Rainbows and unicorns should do nicely....Should they not work, I believe covering the entire dry surface of the earth with solar panels ought to do. Will have to grow food on Mars though and waterworld 7 billion people. We apologize in advanced to the desert tortoise...
It's all about oil - the unifying concept.
Oil-producing nations get more power with every ticking second and every ounce of the go juice that we burn.
the $ shouldnt be backed at all. On a long enough timeline the survival rate for any currency drops to zero.
this was planned as a response to Goldfingers comment...