There are many billions of barrels of oil yet to be produced (Armstrong Caelus, etc.) and the current price is close to the historical average, so I would dispute that we are entering a post oil period any time soon.  The difference is that the private sector takes swift and decisive action to adjust their business practices while our state government does not.  Charles contends that cuts to the University make it "weaker".  I would like to think that it gives the University a great opportunity to become a more efficient and effective organization.