some opec economist argue that there may be a Hicksian income hypotheis holding in oil and that is oil producers are monetasing their resources. others argue that it would still have to be taken out and therefore the law of value should apply. i can think of how production kicks in when prices rise in old gold mines. maybe that is an analogy with oil. so long as something is produced for social use than the law of value holds, however, does the fact that the resource is depletable not make certain qualifications necessary, maybe in light of marginal magnitudes and high rents. in other words aren't we too general by simply stating that the law of value holds? or should we be saying that it holds because when prices rose the high cost tarsands of northern canada came into production.
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