| Sumario: | Part of a special section on the approaching peak in global oil production. The potential peak in oil production should not be viewed as a catastrophic event. Many observers predict that any imminent peak in global oil extraction will lead to the end of modern civilization. Such a prediction is based on interpretations that lack any nuanced understanding of the human quest for energy, disregard the role of prices, ignore any historical perspectives, and presuppose the end of human inventiveness and adaptability. If oil prices were to rise steeply, there would be a shift to other energy resources. As well as posing enormous challenges for both producers and consumers, such energy transitions necessitate the elimination or reorganization of extensive infrastructures, are costly and protracted, and cause major socioeconomic dislocations; however, they will not cause the end of modern society.
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