[HIGHLIGHTS] What would the world be like if fossil fuels were eliminated?

Global economy depends heavily on fossil fuels, says Oil Price report. Banks will collapse, hyperinflation will occur, and governments will likely increase the money supply.

Fossil fuels are used to extract raw materials, transport goods, pave roads and build. Without these fuels, even simple repairs to existing infrastructure would be impossible. Without fossil fuels some parts of the world would have little to offer in exchange for goods made using them, according to the report. Fossil resources may help solve the problem of the slight decline in its supply, but they are far from sufficient substitutes.