Here's a reader comment:
Thus, since 2008-09, the US is extracting domestic reserves at a 5-year doubling time at prices that will not permit US real final sales per capita to grow, which in turn implies that we are drawing down domestic reserves at a rate that mean less domestic oil reserves per capita in the future and at prices we can’t afford that will permit economic growth.
At the levels and trend rates of oil reserves, production, exports, and consumption, the US is already at the limit of domestic production for production costs, and we will reach a critical log-limit bound of production costs to consumption and real final sales by NO LATER THAN 2015-17, and I’m betting as soon as this year for housing, autos, and overall consumer spending and real final sales.
econbrowser
