Gore, budget-cutter...

[Brad De Long]

>  > Because low prices mean high consumption, and a shift in our
>>  technology in a direction that burns a hell of a lot of oil.
>
>Um, no, that's exactly what I argued would *not* be expected here. Check it
>out; maybe start with the stuff around the part that goes, "One would hope
>that we wouldn't accept a formulation such as 'High oil prices = good for
>environment' on some sort of simplistic supply-and-demand grounds."
>
>Oil isn't Screaming Yellow Zonkers, some commodity that can be dropped or
>substituted when the price suddenly gets jacked.

Yes it is.

Have you ever watched anybody buy a car?

Severin Borenstein says that the long-run substitution possibilities 
are quite impressive...

I don't know why there are so many people out there saying "my 
commodity is special; its long-run demand is completely 
price-inelastic." But for every commodity you find at least one 
such...

Brad DeLong