Dmitry Orlov, engineer and author, warns that the US’s reliance on diminishing fuel supplies might be sending it down the same path the Soviet Union took before it collapsed.
In this fifth video in the series “Peak Oil and a Changing Climate” from The Nation and On The Earth Productions, Orlov, who was an eyewitness to the collapse of the Soviet Union, asserts that as oil becomes more expensive and scarcer, the US will no longer be able to finance its oil addiction and the economy will hit a wall.
“Sixty percent of all of our transportation fuels are imported—a lot of that is on credit. A large chunk of the trade deficit is actually in transportation fuels. When those stop arriving because of our inability to borrow more money, then the economy is at a standstill,” he says.
Go here to learn more about “Peak Oil and a Changing Climate,” and to see the other videos in the series.
—Sara Jerving [The Nation]