Quote Originally Posted by English assassin
Not necessarily. Reducing any given sector of the economy may cause difficulties in the short term, but historically it looks as if people generally find new jobs and the economy simply changes. EG the UK used to employ millions in heavy industry and mining, now it employs almost no one in those sectors, but the economic capacity has been redeployed rather than disappearing.
I'll make a concession on this point, yes long term it can be overcome. Can we agree that the short term might extend longer then must due to the commoditied involved? Oil as an industry has huge world economic implications, and while I agree with your point long term, in the meantime the U.S. economy gets hurt by decreasing oil consumption now.

there really isnt an industry that can pick up the slack yet.