The comments section of Megan McArdle’s post “Whither Iraqi Oil?, which I mentioned yesterday, has had an interesting conversation going on. One of the commenters, Patrick Sullivan, made a crucially important point about both the role of transportation costs and the role of trade in creating prosperity (regardless of whether or not you have lots … More Transportation Costs and Trade
I am trying to stay at arm’s length from advocacy for or against going into Iraq (for many reasons, including the deep philosophical conflicts that Will Wilkinson articulated beautifully in this post). I do, though, keep up with goings-on in oil and natural gas industries, so I have a pretty good idea of who has … More Coincidence? … More Coincidence?
Gas prices spike in the Bay Area, home heating oil prices are high due to oil prices and cold weather, and the IEA continues to be worried about short-term oil supplies. This FT article on the low US crude supplies reiterates much of what I posted yesterday, but it also refers to the fact that … More Oil Market Drama Contiues … More Oil Market Drama Contiues