I see 2012 as the year when people in the US realize gas doesn’t grow on trees. It’s the year when food will begin to become too expensive and people will stop paying their credit cards in order to make sure the grocery store gets the cash instead.
I should mention that it will become that expensive because of shipping costs. At THAT point is when panic will begin. Oil is already never going to come down in price, ever again. It will fluctuate some, but the general trend will always be up. Recall that it has already doubled in the past 5 years. In 5 more we will be paying what they already are in the UK, and if theirs doubles as well, their economies will have begun the permanent break down.
Fossil fuels do not have a viable drop-in replacement. The economies of scale are against the use of renewable energy in the same manner that fossil fuels are used today and if all of the world’s countries start growing Monsanto corn for the ethanol, well, I’ll let someone else come up with the math. The cost in human lives and the cost to the world ecology… believe me, the world will come up with SOMETHING to put all that corn(soy/wheat) in its place. There will be a new disease, I can assure you.
“For every action there is an equal, but opposite, reaction.” – Isaac Newton
“The above applies to genetics, too.” --Me
Without something seriously heroic, watch it come down.
It will be a time of great rejoicing for those of us who see it as liberation.