[R-G] Rising Demand for Oil Provokes New Energy Crisis
jannuzi at gmail.com
Fri Nov 9 18:41:38 MST 2007
In typically bad NYT style and content, what the article fails to do
is give even weak empirical evidence that the current high price is
due , for the main part, to increased demand. Rather it's saying that
we can justify the prediction of a higher price of oil based on a
prediction of higher demand.
If Iraq's oil production had not been so destroyed by the US invasion
and occupation, there would be a glut of oil in the markets. Bush
himself could drive the unprecedented amount of speculation out of the
futures market by dumping oil out of the strategic reserves. The only
thing he has done since being president is talk about how the high
price of oil concerns him, and then fill those reserves.
My theory is that if you take away the energy being consumed in
mineral extraction, military operations (which expanded hugely, not
just in US global military ops but also out of NATO in Europe), and
construction on the east coast of China, world consumption would be
rather flat. For one thing, Japan has shifted still further into
energy conservation measures.
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