Oil Scarcity and the End of Globalization

Jeff Rubin forecasts that despite the current recessionary dip, oil prices will once again soar once the economy recovers. With the disappearance of the world’s oil reserves, the amount of food and other goods we get from abroad will be curtailed and long distance travel will be rare. Globalization as we know it will reverse. Alongside these predictions, Rubin prescribes priorities for the Obama administration and other leaders: from imposing carbon tariffs and investing in mass transit to forging green alliances between labor and management that will be good for both business and the climate. Rubin is a Canadian economist and energy expert, and among the first to predict the dramatic oil price increases back in 2000.