Jan,
I think the basis for the idea that more oil will be available when it gets
more expensive is the idea that people will buy less of it if the price
becomes too high. With non-essential commodities, this works out...higher
prices reduce demand while lower prices tend to encourage demand. The
problem is that oil is something most Americans simply cannot go without. In
most places, if you want to have a job, you have to own a car and put gas in
it to get there. You can't simply choose to not buy gas because it is too
costly. Same goes for things like medical care and food. What will happen
when oil gets too costly is that our economy will be wrecked.
--
Chris Crawford
Photography & Graphic Design
Santa Fe, New Mexico
http://www.chriscrawfordphoto.com
http://www.plumpatrin.com Something the world NEEDS.
On 4/10/07 10:42 PM, "Jan Steinman" <Jan@xxxxxxxxxxxxxx> wrote:
>
>
> There's the rub!
>
> It's a common fallacy to say that "when oil reaches $100 a barrel,
> much more of it will become available."
>
> When it takes a barrel of oil to produce a barrel of oil, you've
> reached entropy, no matter what that barrel costs in some fiat
> currency that has no real value beyond the paper it's printed on.
>
> I think Deffeyes said it best:
>
> :::: The economists all think that if you show up at the cashier's
> cage with enough currency, God will put more oil in ground. --
> Kenneth Deffeyes ::::
> :::: Jan Steinman <http://www.EcoReality.org> ::::
>
>
>
>
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