Oil closed at $56.58 a barrel today.

Because of peak oil and our huge national debt I think that the current generation is going to be the first generation in American history that will not have a better standard of living than their parents.

The current national debt is over $7,800,000,000,000 (7.8 trillion) and is increasing by $1,640,000,000 (1.64 billion) per DAY! We are consuming way more than we are producing and our savings rate is abysmal.

When we reach peak oil, the US economy is going to nosedive for a long time. Other countries will stop loaning us the money to support our deficit spending because our credit on the world market will be worthless. It will stay like that until we figure out how to live with $6 per gallon gasoline.