I asked: > >if we've gone over the Hubbert hill, how come real gasoline prices are > >actually _lower_ now in the U.S. than in 1980?
Shane Mage replies. > 1980 was an "outlier," a "spike," caused by the Iranian revolution > and its manipulation by the oil giants. How do we know that we're currently not living through another outlier? > ... Incidentally, that chart > might look quite different if the price of crude oil were deflated, > not by inflation estimates, but by that of the money-commodity--gold. Has anyone done that kind of calculation? Why do you call gold a "money-commodity"? In a world without a hegemonic power, gold would revert to being the money commodity. But today, with the US as the hegemon, the supply of the US$ is restricted enough to maintain it as the world currency. -- Jim Devine "Blessed are the pizza-makers."
