The sooner that global oil crisis happens the better. Yes, it will cause a terrible economic disaster.
But at the same time it will have positive effects for both global warming and for the fragile eco-systems and heritage sites of the world.
But at the same time it will have positive effects for both global warming and for the fragile eco-systems and heritage sites of the world.
Anyway, the main concern for climate change is coal. Not only it pollutes more, but there is much more of it on the ground than oil and gas. Luckily, solar is successfully competing with it.
Oil in particular seems to be unable to stay at very high prices. Historically we just get a recession and it goes down again.
Not sure we are good enough for that though.
People will have to move around closer to their work so they can bike or walk. Possibly take only a monthly trip to gather food and other things from the store. Air travel would be limited to more permanent immigration and probably the ultra wealthy of course.
I wonder how many decades we have left until this point.
The corollary to that is people will either be more locked into whatever job they're at because they need somewhere close to home or people will have to move much more often, meaning probably much more renting than home owning. On the other hand it might revive the idea of pensions and unions because people would stay at jobs longer since it would be harder to change jobs (or it would just lead to worse conditions because workers have less choice, the way it would fall kind of balances on a knife's edge here).
The other aspect if that if people can essentially travel less because of the transportation cost, there should be more hyper local services. So it should create more local jobs.
That being said, assuming it will ever happen, it won't probably be a smooth transition, and there will be winners and losers.
[0] https://www.bls.gov/emp/tables/employment-by-major-industry-...