ravi wrote: > For a reality check: oil prices may be going down, but they are nowhere near > what they were in say 2001 when oil was about $25/barrel. I believe the > "peak oil" theory says that we are at max production, yes? The current drop > in price is attributed to lower than expected demand, and perhaps also > profit-taking? So the drop in prices need not refute "peak oil".
I didn't say anything about refutation. BTW, if the current drop is explained by lower-than-expected demand and profit-taking, we can just as validly explain the previous peak prices by higher-than-expected demand and profit-seeking speculation. Both fit well with inelastic supply in the short run. Neither says anything automatic about the long-run presumption that we are at "max production." (Does "max production" include Cuba's oil fields? or no?) -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
