Bodman said prices would soar higher if more oil was not forthcoming. "In the absence of any additional crude supply, for every one percent of crude demand, we will expect a 20 percent increase in price in order to balance the market."
"In the absence of any additional crude supply, for every one percent of crude demand, we will expect a 20 percent increase in price in order to balance the market."
Well, if that's true, then can we not, please, throw out the scapegoating of speculators that seems to have suddenly polluted all discussion of energy in America right now? Because that points pretty clearly to an almost-perfectly inelastic supply curve. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
that American consumers (just like European consumers) don't really like to be blamed for the predictable consequences of their spending habits
So I guess my platform of "Eat It, You Slobs" isn't going to fly when I launch my run for the presidency. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
can we not, please, throw out the scapegoating of speculators that seems to have suddenly polluted all discussion of energy in America right now?
Blame it on "Big oil" or "speculators" or "the Arabs" or "Iran" or "the Israelis" or "Bush" or "Congress" or "the Democrats" or "International Bankers" or "China" or "Russia" or... almost anyone.
Eventually one or more of those will become THE target, no doubt providing an excuse for a great deal of truly nasty mischief, whether domestic, foreign or (most likely) both.
Well, not in the US, or Europe. Actually doubt they will elsewhere. However, I did see a piece from either Malaysia or Indonesia a couple months ago blaming financial speculation by the "Soros', Goldmans', and Rubins".
