working on the Cheney gang

Doug Henwood dhenwood at panix.com
Mon Oct 7 10:01:30 PDT 2002


Ulhas Joglekar wrote:


>Doug Henwood wrote
>
>> >The "war on terrorism" is just the thing.
>>
>> It has enormous political effects, but it's just not expensive enough
>> - yet - to have much economically stimulative impact.
>
>Would there be considerable future economic impact, if oil price could be
>brought down to, say, $10 per barrel?

Could be, but it would also destroy the domestic U.S. oil industry (and it wouldn't be too good for other high-cost producers, like Norway or Russia). A price around $20 balances a lot of competing interests.

Doug



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