Bina on Iraq

budge budge at el-pleasant.org
Wed Feb 19 21:29:34 PST 2003


On Wed, 19 Feb 2003 at 7:29pm Doug Henwood wrote:


> Thomas Seay wrote:
>
> >Anyway, I would be interested in hearing what some of
> >the economists on this list have to say about this
> >piece.
>
> I'm not an economist, but I think Bina is right about the
> oil market - it's a mostly competitive market, not one
> with administered prices.

What I want to know, and I am surely no economist, what does the price of oil have to do with the US ecenomy when consumers in the US pay oh (guessing now) about 1/4 of what anybody else pays for it, including residents of producing nations (Nigeria comes to mind, more that the EU in my perspective).


> I think he exaggerates U.S. economic decline,

Is there any evidence anywhere that the US is in some profound 'economic decline'? At least relatively speaking?


> but that's my particular bete noir. And he doesn't have
> much to say about the political angle - U.S. desire to
> have a chokehold over world oil supplies, to exert control
> over Europe, Japan, and increasingly, China.
>
> Doug
>

-- no Onan



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