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By Undustrial (registered) - website | Posted May 06, 2012 at 23:51:11 in reply to Comment 76491
Are you honestly arguing that the five-fold rise of oil prices over the decade hasn't had an economic effect? How, under these calculations, does the ultimate supply of available oil fit in? What changes if it's infinite, or if it all suddenly stops tomorrow?
Real-world economies don't all grow just because a few companies get rich off higher oil prices, even if that drives up the GDP. Some sectors (transportation, manufacturing, etc) see little gains and enormous liabilities, yet the rest of the economy clearly can't function without them. It's called "the oil choke", and it's been referenced a few hundred times in the business press over the past few months.
"Today, the notion of progress in a single line without goal or limit seems perhaps the most parochial notion of a very parochial century." — Lewis Mumford
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