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113 comments on The Economics of Oil, Part I: Supply and Demand Curves
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113 comments on The Economics of Oil, Part I: Supply and Demand Curves
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Robert:
I have taken some micro and macro economics courses, but am by no means an economist.
Lets agree that:
1) At any given time Oil "supplied" = Oil "demanded" = Oil "produced" i.e. that we are using the economists definition of these words, understanding that there are other definitions extant in the language
2) Oil sells for a particular price at any given time. I know there are several standards traded in the markets, but lets simplify it to pick 1 as they seem closely related to each other.
This being said it seems to me that there is little point in saying much about supply and demand curves unless they have some predictive or explanitory power with respect to the amount of oil produced at some time, or its price. i.e. can we use them to decide what level of taxation would reduce global carbon emissions a certain amount, or explain why oil consumption was growing at about 6% year over year just prior to the 1973 embargo?
Wherever I have looked for this info. I have failed to find it, so I was wondering if you could provide [a link to] actual supply - demand curves for oil for any time in say the last 100 years, or speculative curves for any time in the future, and the data / methods that were used to construct them.
Thanks
Me Robert? I'm not an economist either. I don't know what the quote posted by Prof. Goose really means but I'm suggesting a non-silly alternative.
If you call a cow a chicken, how many legs does it have? Four, because calling a cow a chicken doesn't make it one.
No, sorry, Robert Smithson the author of the original post
Darn it Milton,
You are confusing "the comments markets".
I posted an answer here (at the other thread).