----- Original Message ----- From: "Walt Patrick" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Thursday, September 30, 2004 1:53 PM Subject: Re: [Biofuel] Cheap oil
> At 08:51 AM 9/30/04 -0500, Ross wrote: > >I just encountered two articles at my library that strengthens my > >belief that we are beginning to see the end of cheap oil NOW from how > >we've always known it. > > Good article with some interesting points, but I feel the need to quibble > a bit. Very good "quibble" :) Luc > The problem is that oil _is_ cheap, even at $50 a barrel because while a > barrel of oil is real, the dollar is not. > > The "oil crisis" of the '70s was triggered by Nixon's decision to remove > the dollar's gold backing and OPEC's rational response to his decision. > Now, we're facing a similar situation. The world is being flooded with > dollar denominated debt, a tidal wave which is going to affect the dollar > denominated "value" of all commodities. > > People talk about "fifty dollar a barrel oil" as if "fifty dollars" means > something. It doesn't. Each dollar is just a drop in a vast sea of > unsupported, unredeemable debt, and as foreign investors start to catch on, > the dollar is going to continue to fall in value. In short, it isn't so > much a matter of the cost of oil going up, but rather the value of the > dollar going down. > > Walt > > > > _______________________________________________ > Biofuel mailing list > [EMAIL PROTECTED] > http://wwia.org/mailman/listinfo.cgi/biofuel > > Biofuel at Journey to Forever: > http://journeytoforever.org/biofuel.html > > Biofuel archives at Infoarchive.net (searchable): > http://infoarchive.net/sgroup/biofuel/ > _______________________________________________ Biofuel mailing list [EMAIL PROTECTED] http://wwia.org/mailman/listinfo.cgi/biofuel Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Biofuel archives at Infoarchive.net (searchable): http://infoarchive.net/sgroup/biofuel/
