Posted by Joseph Knippenberg
Michael DeBow has the rundown.
Well, seems to me Big Oil (and OPEC too, I suppose) has done a really lousy job of anticipating demand. Would we tolerate this kind of incompetence in any other commodity, such as water or electrical power? Is this boom-and-bust cycle good for either the country or these companies in the long-term? And has exploration followed a J-curve trajectory in the last 3 years? Given the price, is sure should have...but if it hasnt, someone has some splainin to do.
Its important to remember that oil is an oligopoly at both the production and retail levels. Normal market dynamics may or may not rule...we need to be asking some very fundamental questions...the GOP is paying a very heavy price for Exxons bonanza.
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