by Germán Gorraiz López, Global Research:

According to Edgar Ocampo, every year, the world engulfs half of the reserves of a major oil country (Mexico) and given that alternative energies still need huge subsidies to be viable in developing countries, the practice of fracking (kind of a universal panacea that will solve humanity’s energy problems) is still incipient and raises environmental concerns and the inertia of oil assets will not allow large companies to abandon their current equipment and infrastructure, it follows that the world economy will continue to weigh on the dependence on oil in the next decade.

However, the current collapse of post-pandemic merchandise traffic and the brutal rise in energy and fuel prices could end up weighing down the incipient and fragile global economic recovery and lead to scenarios of secular economic stagnation (secular stagnation), since the phenomenon of economic globalization has ensured that all rational elements of the economy are interrelated with each other due to the consolidation of oligopolies, technological convergence and tacit corporate agreements.