We were just talking about “peak oil” this weekend — the inflection point where production begins to contract (not dry up, just contract) — and little did I realize it was in the NYT Mag as well, written up by none other than my hero Peter Maass.
BUT! Steven D. Levitt, who is not my hero but is a pretty smart economist, brings in da noise, brings in da de-bunk on his Freakonomics blog.
I think I probably agree with Levitt that the big effect of peak oil will be to simply cut the fat (and oh, there is plenty of it) out of oil consumption. This will probably not involve roaming bands of petro-pirates in wind-powered gun-skiffs.