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With oil at those prices, I would expect high inflation.  In part we would see a start to an economic shakedown where practices that require lots of energy (shipping food long distances, for example) will simply no longer be viable.

When I saw Deffeyes speak, he kidded about learning to like to eat turnips and potatoes.

by ericy on Sun Jan 22nd, 2006 at 08:48:07 PM EST
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