If we’ve reached peak oil (there are compelling arguments that we have or are about to), then it will almost certainly hurt the economy. Much of the world economy depends on oil as a trade resource — after peak oil, we’re going to start running out of oil. Without the goods to trade, there’s going to be, in simple terms, a big gap in a lot of the world’s economies. That’s simply in terms of trade — there will also be damage because we use said oil to run a lot of things which a vital for industry, etc. Bottom line, when we start running out of oil, it will hurt the world economy — the only question is how badly. There’s a lot of sensationalist reporting on peak oil out there, but there will definitely be some sort of negative impact.
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