What happened to Green energy resources?
Energy expenditures are not a big share of income for high income people, but they are for the many people getting along on minimum wage, or close to minimum wage. If oil prices go up, these folks find the price of food and gasoline going up, and perhaps the price of home heating and electricity (because the prices of the various types of energy tend to move together). They find their budgets stretched, and they either
1. Cut back on discretionary spending, or
2. Default on loan repayments.
A similar situation happens to the many people who earn more than minimum wage, but live paycheck to paycheck, and pretty much spend all the money they earn. As the prices of energy-related goods rise, these people too find a need to cutback. Some will cut back on discretionary goods; others will default on loan repayments; some will do both.
Thus, when oil prices rise (or energy prices in general rise), we end up with two main effects:
1. Banks find themselves in worse condition because of many loan defaults.
2. The economy starts feeling recessionary impact, because so many people cut back on buying discretionary goods.
These impacts are likely to lead to others as well:
1. Banks become less willing to make loans, because of the problem with defaults.
2. Many people are laid off from work, because of reduced demand for discretionary goods (restaurant meals, vacations, new homes, new cars, new home furnishings, for example.)
The cutback in the purchase of new homes, new cars, new home furnishings and the like leads to yet more impacts:
1. The price of homes drops (because fewer are upgrading to more expensive homes, and because loans are harder to get).
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What is most likely going to happen if humans continue using fossil fuels as a main energy resource
Sea levels will rise. Extreme weather events will become more and more frequent. The polar caps will melt. And economies will collapse as a result of extreme fluctuations in the prices of fossil fuels (oil prices have already begun to fluctuate since production has plateaued and begun to decline since 2008).