"We are three, six, maybe nine months away from a price shock."

"But Simmons' concerns over the impact of the credit crisis and the dramatic fall in oil prices are shared by many other, more conservative bodies, including the International Energy Agency (IEA), which advises 28 industrialized nations.
IEA Deputy Executive Director Richard Jones warned the oil market this week that so far as much as 2 million barrels per day (bpd) of new upstream capacity due to come on stream had been deferred for now due to lack of funds and low oil prices."

Financier sees oil shock from credit crunch
http://www.reuters.com/article/reutersComService_3_MOLT/idUSTRE52P2D620090326

"Jeff Rubin, who quit as chief economist of Canadian Imperial Bank of Commerce (CIBC) here Friday to promote his book 'Why Your World Is About to Get a Whole Lot Smaller,' said the coming oil scarcity will change the world more profoundly than any other crisis. "

Oil scarcity will spell end of globalisation: Economist
http://economictimes.indiatimes.com/News/Economy/Oil-scarcity-will-spell-end-of-globalisation-Economist/articleshow/4326943.cms

"Here is a sample of what he sees: the multitude of companies that are struggling to prop themselves up now will “roll over and die”; the stock market’s “final rope-a-dope sucker rally” will fail and send it tumbling to the 4,000 level by the end of the year; other nations will no longer invest in U.S. treasury bonds, stripping the stimulus effort of fuel; and, in a prediction that hit the clean energy advocates at the conference hardest, the capital for investment in giant solar and wind farms won’t materialize."

Solar power, wind power and other renewable resources will be employed, but not at a level to offset the inevitable changes, he said. The events that are occurring now are a way of telling us that the American standard of living must “drop between 20 and 50 percent,” he claimed. He sees the industrial society evolving to be agrarian or semi-agrarian.The recession, which he called a depression, has destroyed so much capital “that no amount of phony-baloney capital that the federal reserve creates can overcome the amount that’s disappeared.”In his view,

President Obama doesn’t realize the severity of the economic revolution or doesn’t want to acknowledge it.“We literally cannot restart the growth thing,” Kunstler said. “We really can’t restart the consumer credit thing.

Even if the bank wanted to lend, we’re not going to lend more people money to buy more flat-screen TVs.

“It’s basically over,” he said."

James Kunstler offers a decidedly darker view at Aspen forum
http://www.aspentimes.com/article/20090328/NEWS/903279920/1077&ParentProfile=1058&title=Social%20critic%20James%20Kunstler%20offers%20a%20decidedly%20darker%20view