first message you said oil crises happened independent of OPEC, from which I assume
that oil pricing is also independent of OPEC. If you agree with Bina then you are not
defining the price of oil as most people do. Explain please.
___
Cyrus
Aldo Balardini wrote:
Fabian:
Correct me if I'm wrong - You're saying that the determination of
the price of oil is procyclical; determined by OPEC during throughs
and by US wells during booms. If this is the case how can this be
reconciled with the standard interpretation of Marx's theory of
first message you said oil crises happened independent of OPEC, from which I assume
that oil pricing is also independent of OPEC. If you agree with Bina then you are not
defining the price of oil as most people do. Explain please.
Me: I don't know who Fabian is, since I was talking to Aldo
Doug Henwood wrote:
Over the last 15 years or so, the price of oil has varied from under
$10 to over $30. It may be that the Ricardian/Marxian mechanisms you
and Bina point to determine the center of gravity around which the
market price fluctuates, but what accounts for this 300%+ range?
Jim,
My complete name is Aldo Fabian Balardini.
I go by Fabian, I never use Aldo unless I fill out paperwork where they request my
first name like the name you see in my e-mail address. Sorry for the confusion.
___
[EMAIL PROTECTED]
to extend Iraqi influence when Hussein wrongly thought the
US didnt much care.
Cheers, Ken Hanly
- Original Message -
From: Devine, James [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Monday, March 08, 2004 3:44 PM
Subject: oil crises.
FWIW, I have a very simple Marxian-flavored theory
On Tue, 9 Mar 2004 09:46:12 -0500, Doug Henwood wrote:
Over the last 15 years or so, the price of oil has
varied from under
$10 to over $30. It may be that the Ricardian/Marxian
mechanisms you
and Bina point to determine the center of gravity
around which the
market price fluctuates, but
Jim,
My complete name is Aldo Fabian Balardini.
I go by Fabian, I never use Aldo unless I fill out paperwork
where they request my first name like the name you see in my
e-mail address. Sorry for the confusion.
Ciao, Fabian!
I wrote:
There is an oil cartel, but like any cartel, it
Doug Henwood wrote:
Over the last 15 years or so, the price of oil has varied from under
$10 to over $30. It may be that the Ricardian/Marxian mechanisms you
and Bina point to determine the center of gravity around which the
market price fluctuates, but what accounts for this 300%+ range?
Aldo Balardini wrote:
My take: Let's break with the cartel paradigm syndrome and try
something new. Let's try to explain the workings of the oil
industry within a competitive framework a la Marx, something
different than perfect competition. Since all economists accept
that the US oil industry
Doug Henwood wrote:
My guess is that there is a Marxian/Ricardian central tendency, a la
Bina, but that once oil began trading on the futures markets, its
day-to-day (and even year-to-yaer) price fluctuations are now
dominated by short-term trading considerations, like any other
financial or real
FWIW, I have a very simple Marxian-flavored theory of energy crises that alas I
haven't filled out or illustrated with lotza data. (I'm not an energy expert. The
theory is part of my Marxian-style crisis theory.) But it helps get us beyond
natural scarcity/overproduction dichotomies.
Here,
Guess what? I miscounted. Only used 4, so I have one more, you lucky stiffs..
From JD:
Accumulation pulls up demand for energy and thus oil prices, as in the 1970s. This
is not due to OPEC, etc., except to the extent that OPEC and the like take advantage
of high demand conditions to try to
(a civil conversation)
From me:
Accumulation pulls up demand for energy and thus oil prices,
as in the 1970s. This
is not due to OPEC, etc., except to the extent that OPEC and
the like take advantage
of high demand conditions to try to grab a bigger chunk of
the scarcity rents. This
is
Devine:
How do you define the price of oil? Cyrus Bina is the only one so far to have
attempted to explain the 1970's oil crisis using the standard interpretation of Marx's
theory of rent. Do you agree with Bina that cost conditions in the US, the highest
cost region in the international oil,
- Original Message -
From: Devine, James [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Monday, March 08, 2004 8:14 PM
Subject: Re: [PEN-L] oil crises.
(a civil conversation)
DMS: But Iraq is not a high cost producer of oil, having a
cost of production approximately
equal to Saudi
PROTECTED]
To: [EMAIL PROTECTED]
Sent: Monday, March 08, 2004 8:14 PM
Subject: Re: [PEN-L] oil crises.
(a civil conversation)
DMS: But Iraq is not a high cost producer of oil, having a
cost of production approximately
equal to Saudi Arabia, the low-cost producer.
JD: I have heard otherwise from other
Aldo Balardini asks me several questions:
How do you define the price of oil?
the same way most people do.
Cyrus Bina is the only one so far to have attempted to explain the 1970's oil crisis
using the standard interpretation of Marx's theory of rent.
I was thinking of his analysis
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