Mark Jones wrote:
>Doug Henwood wrote:
>
>> I'm not as apocalyptically gloomy as you are
>
>In the two years since you told me that oil price rises were 'short term
>fluctuations', a 'spike', the result of a market perturbation--oil prices
>have tripled and gas prices have risen still more. There is no evidence that
>energy prices will come down this side of a sharp recession. Whatever your
>feelings about the messenger, the message is surely worth attending to.
You, George W Bush, and Dick Cheney are about the only people who
believe the oil price rise is the result of fundamentals - and
they're looking for excuses to punch holes in the Alaskan tundra.
Prices are still low, whether measured relative to average hourly
wages or a price index. I'd bet you that the spike will be undone,
but since you already owe me some Lagavulin, I'll pass on the
challenge.
Doug
