I was just thinking this morning about the disentanglement of the rising energy prices, so Max's graph was very welcome. I hear experts sometimes explaining how $.75 in oil futures is due to uncertainty in Nigeria and the dollar $1.15 because of problems in Venezuela and the like. I recall Doug talking about the impossibility of changes in supply and demand explaining the huge swings in oil prices from the late 60s till today.
The long-term fall in oil prices would not be inconsistent with the Hubbert's peak story. How much credibility to do to the idea that recent oil discoveries to not seem sufficient to cover the existing drawdowns of established oilfields? And then the question about whether we'll just destroy the environment before we have time to run into major oil scarcity problems? Well, that's what the Internet is for -- whistling in the dark. On Wed, Aug 17, 2005 at 12:10:08PM -0400, Max Sawicky wrote: > Check this out, sports fans: > > http://bigpicture.typepad.com/comments/2005/08/chart_of_the_we_3.html -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
