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CB: When you say scandalously cheap, I understand what you are saying, including your description of the history of the prices. Then I think, well, perhaps from an environmental standpoint the "externalized" costs are not in the price. Is that what you mean ?
However, somehow on the straight price issue, I can't help but be suspicious that the oil companies are squeezing out extra profits and using the complexity and bigness of it all to hide behind. And doesn't oil play a key role in general inflation ? I really don't trust inflation in the sense that I generally suspect monopoly price fixing; and then as Greenspan's mantra excuse for raising the profits of the creditor class , by raising interest rates.
I realize these are general statements and guesses, impressionistic even.
CB