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Lecture 9

Oct 9 Energy.docx

Course Code
Maureen Padden

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Oct 9 Energy
Jeff Rubin – economist
- talks about effects of oil prices on the future of oil, more specifically if we’ll continue to use it or
- the only kind of oil we’re raising is the kind that we can’t afford to burn
- in order for the economy to grow, it’s necessary for oil prices to go up
- the recession wasn’t solely caused by the sub-prime mortgage issue
- recession was caused by rising oil prices
- Saudi Arabia and the Emirates are super thirsty for oil and use large amounts of their own
- the Saudi energy companies get oil and natural gas pay about 7 cents a gallon to burn for
- when people in India or China get a car, its one more straw sucking at the global oil supply
- Oil doesn’t follow the regular supply and demand lines, when the price rises of oil demand
should go down but it never really does
- our way of life is not a sustainable form of life
- distance will begin to cost money
- it will all drive us closer to home
- air travel will go back to 1970’s, it’s going to become a luxury item
- going to start eating foods that are in season, growing our own foods in Ontario
- food prices will be going up significantly because we can’t afford the means of production
- a global carbon tax