I doubt that he will mind if it goes up more. In the long run, we're all dead. John Maynard Keynes
At this point, a hard $50 floor would have value for the producers - it guarantees them a minimum (and already pretty high) level of income, and thus predictability in their budget, which would allow them to make nice promises to their population and actually fulfill them. And guaranteeing a floor does not precluse higher prices.
And of course, Chavez is making this offer safe in the knowledge that it will never be accepted by the West, so his "generosity" costs him nothing. In the long run, we're all dead. John Maynard Keynes
For instance, Sweden has said they want to be oil-free within 20 years. It would make sense for them to lock in supplies for the intervening 20 years. tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
It simply has not been done yet. In the long run, we're all dead. John Maynard Keynes
