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In order to keep prices low, you'd have to increase production (maybe not by much initially, since it's all so inelastic, but by over 1 million barrels a day every year after that, and probably more).

In other words, you'd ensure that within a couple of decades, there wouldn't be ANYTHING left to sell. And everything would have been sold at a low price in the meantime.

So, even if there was no unstoppable transition because of global warming, we couldn't do anything about the fact that we have used up over half of the total supply, even though many countries, now using a lot of oil, almost didn't use any of that half.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Fri Jun 27th, 2008 at 11:56:30 AM EST
[ Parent ]
Cyrille:
In other words, you'd ensure that within a couple of decades, there wouldn't be ANYTHING left to sell. And everything would have been sold at a low price in the meantime.

Pretty much describes UK energy policy....

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky

by ChrisCook (cojockathotmaildotcom) on Fri Jun 27th, 2008 at 05:31:47 PM EST
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