Thursday, April 01, 2004

OPEC and the future

Jerry Taylor reminds us of all the damage OPEC has done. He also zings the environmentalists who keep demanding a "sustainable" (i.e. planned) energy economy:
Someday, of course, oil stocks will indeed begin to dwindle. When that might be, however, is unknowable because new technologies continue to emerge that make finding and producing oil cheaper than ever before.

Regardless, we don't need OPEC to manage the future. When depletion becomes a real problem, oil prices will rise of their own accord and economies will adjust because prices today reflect expectations about prices tomorrow.

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