X-Message-Number: 29555
References: <>
From: David Stodolsky <>
Subject: Re: Ahem...
Date: Thu, 14 Jun 2007 12:59:47 +0200

On 13 Jun 2007, at 20:09, Mark Plus wrote:

> According to BP's just-published Statisical Review of World Energy  
> for 2007,
> world oil production grew by a shockingly low 0.4 percent from 2005  
> to 2006
> (though I come up with 0.5 percent from the table's figures), despite
> persistently high prices which should have caused a flood of oil to  
> come
> into the market according to standard economic theory:


The oil biz is a monopoly operation with OPEC at the helm, if you  
haven't noticed.

Further, the war in Iraq has resulted in suppression of production.  
This has been a problem since the 1920's, at least until the big  
operators were booted out of the country.

Oil prices do not follow economic theory, they follow political  
influence. Old timers will recall the 1970's ''Oil Crisis," when  
Richard 'I am not a crook' Nixon was in the Whitehouse. His  
connections to Big Oil  were widely reported - after the fact.  
However, during that crisis the nightly news always featured a "Can  
the world be saved?" segment displaying the Globe with a gas gauge  
close to 'empty' superimposed.


dss

David Stodolsky    Skype: davidstodolsky

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