On Sep 2, 2005, at 2:50 PM, Gautam Mukunda wrote:
--- Dave Land <[EMAIL PROTECTED]> wrote:
What a load.
Ever hear of the "Strategic Petroleum Reserve?"
Apparently,
someone, somewhere thought that the government
needed to
step in to ensure a consistent supply of this public
good.
Dave
I have. But you haven't, apparently, because you
don't seem to know what it is. The Strategic
Petroleum Reserve is a very good idea designed to deal
with political (i.e. non-market) disruptions in crude
oil supplies. The problem we're dealing with at the
moment is (first) mainly a problem of _refined_
gasoline, to which the SPR can contribute very little
right now, because it stores crude oil.
I guess you're not aware that the SPR released 6M barrels
of oil in response to the Katrina disaster. I am aware of
the fact that the problem with Katrina is that refining
capacity has been lost. I am also aware that the release
of oil from SPR will probably not help very much.
I mentioned the SPR because you took the argument into
the realm of the theoretical by stating that gasoline is
not much of a public good. I was not mentioning it as a
response to Katrina.
Lawdy, I'm tired of chasing your red herrings.
Dave "apparently too stupid to construct an argument
that Gautam can follow" Land
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