The current economic system is heavily reliant on fossil fuels. A shortage of these fuels could result in fighting over available resources, with some countries receiving more than their fair share while others are left with little or none. Here are some potential consequences of losing fossil fuels:
1. Banks will likely fail due to an inability to repay debts, as wages will not keep up with the rising prices of goods and services. Service economies will be disproportionately affected, leading to defaults on debts and bank failures.
2. Governments will also fail due to declining tax revenue and the inability to bail out banks. Intergovernmental organizations will find their voices becoming less heeded before they fail. Dictatorships and aristocracies may become more common without fossil fuels.
3. Nearly all businesses will fail without access to fossil fuels for extraction, transportation, and infrastructure. International companies will struggle to operate in parts of the world without fossil fuels.
4. Grid electricity and the internet will disappear without fossil fuels for maintenance and operation. Home solar panel systems will become less useful once their inverters fail.
5. International trade will be scaled back greatly due to the unequal distribution of fossil fuels and the inability of some countries to offer goods in return for those made with fossil fuels.
6. Agriculture will become much less efficient without large mechanical equipment, chemicals, and fossil fuel-based devices. The share of employment in agriculture is likely to rise.
7. Future labor needs will be disproportionately in the agricultural sector as people need to eat, even in an inefficient economy.
8. Home heating will become a luxury item available only to the wealthy without fossil fuels for heat.
9. Living alone will become a thing of the past as people will need to huddle together for warmth and to share resources.
10. Governments and their laws will shrink in importance, and new traditions and religions will play a greater role in keeping order.
In conclusion, the world is facing a problem of overpopulation in relation to its resource base, including fossil fuels. The solution is to scale down the use of fossil fuels due to the laws of physics that determine selling prices. Every supposed solution requires significant use of fossil fuels, so it is essential to consider the consequences of a world without them.
https://oilprice.com/Energy/Crude-Oil/10-Reasons-Why-the-World-Cant-Run-Without-Fossil-Fuels.html
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