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You project an extraordinary defense of a flawed status quo, since it is clear that it is unsustainable fiscally, and from it's need for ever increasing quantities of petroleum that can be extracted, refined, and replaced with newly discovered and recoverable reserves. Clearly, the new discoveries are not coming close to replacing the anual draw down rate of (365 X 84 million) 30.6 billion bbls. No new technology that is practical in terms of ramp up rate, energy efficiency, economic viability, or adaptive to the current designs of motor vehicles, or refineries has been planned or implemented. Potential wealth that could be diverted into government assisted "crash programs" are instead spent on military budgets and on the rising cost of buying foreign petroleum and manufactured goods in order to maintain the status quo. Until now, the solution has been to print more paper money. That option will end, probably sooner than anyone anticipates, and probably more abruptly than the four year, 40 percent dollar vs. euro decline. The numbers no longer add up to make a case for the sustained growth of an economy financed by printing U.S. fiat script to pay for 12.5 million bbls of foreign oil per day, (12.5 X $50 X 365= $228 billion) plus $425 billion in foreign goods each year. The federal spending deficits and the collosal military budget, all paid for with the same fiat, hastens the coming currency collapse.

There were no major new petroleum discoveries in 2003. The market will adjust when oil production peaks. That is the mid-point. Each barrel pumped from the ground after "peak oil", will be regarded as irreplaceable, and priced accordingly. The U.S. is not paying for it's current imports, at current low prices. What will prevent lower consumption and resultant slower growth and a declining U.S. GDP, as trade and budget deficits become more difficult to finance as they accumulate?

In the past, this has also transpired,