renewable oil

Doug Henwood dhenwood at
Fri Apr 16 11:11:24 PDT 1999

Henry C.K. Liu wrote:

>Typical WSJ story on a Friday, especially after tax date.
>The fact is, regardless whether oil wells are self replenishable, which is
>different than renewable as the environmentalists define the term, there is no
>shortage of oil for the foreseeable future in terms of the technological life
>span of the oil based economy.
>What we have is in oil is a pricing problem.
>Instead of a fixed price, oil should be priced indexed to GDP.
>Would that be a Marxist idea? And very doable too. All we need is an opec
>decision, guaranteeing the total opec revenue constant and shift the price
>burden accordingly.
>It is an idea that LBO should promote.

Actually, I think the damn stuff should be at least 5 times as expensive as it is now or we'll choke ourselves to death. I can't believe these Americans who've lately been whining about a dime a gallon increase in the price of gas when it's about the cheapest (in real terms) that it's ever been in history.


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