Oil at record prices again today. Boring.
Does anybody really care anymore about the price of oil? Certainly Wall Street doesn't, as it rightly puts its faith in Say's Law: supply creates demand. Cut the price of oil, and more will be used; increase the price, less demand. A law as old as the hills.
Recommended reading for Peak Oil fanatics: "The Doomsday Myth: 10000 years of economic crisis" (Hoover Inst Press, Stanford).
Yawn.
|