With ever increasing petroleum prices and no alternative in sight, some key enablers of Globalization such as Aviation and Shipping industry are taking a hit.

Its interesting to note that imported steel is no longer the best option in USA and domestic steel industry is booming once again. The same trend could catch up all across the manufacturing sector as freight costs increase further.

Some renowned economists including Jeff Rubin are already predicting the end of global economy as we see it.

But shipping industry can certainly take a helping hand from bio-fuels and natural gas if crude prices maintain their trend upwards.

May be one day we will see solar cargo ships!!!

Moreover as oil prices rise, consumers will adjust and replace oil. We can see oil prices plateau even if supply falls in future. For example as oil prices increase, many will adjust their life to commute shorter distances and switch to electric vehicles, trucks will embrace natural gas, etc.