re: truth and the big lie-oil
good post christianap - yes it seems you are spot on all these so called historical to future trend forcasters have discounted a rise in renewable energy, improved technology and a increased efficency in the price of oil.
Now imagine a $80 a barrel price of oil inflation adjusted to the 1974 oil shock - that might prove a bit more problematic but would still from say $50 US barrel slice off 1.5% of australias growth rate. Which would still leave us growing around 1.5% - and inflation might be around 4% leaving us with %6-7% interest rates but still growing to a reasonable degree
It would also speed up new R and D into making everything technology and production and economic wise more energy efficent and perhaps a greater share of renewable power generation.
