“Given the receptive nature of the Middle Eastern countries to future oil and gas projects, oil giants from Europe are also planning to increase their investment in the region’s unceasing oil juggernaut.”
“The notion that the world is moving away from fossil fuels is incorrect, at least as per the production and consumption numbers of oil, gas, and coal worldwide. The Middle East scenario gives a better picture of where the future of oil is headed.”
On Earth Day, President Joe Biden was busy trying to persuade the ‘oil-guzzling’ countries to reduce their fossil-fuel dependency. But the great global oil juggernaut rolls on. Countries in the Middle East, especially, are optimistic about a coming decade of increasing oil and gas exports.
Media Silence
In contrast to the anti-fossil fuel-oriented policies of the West, the Middle East remains very committed to their primary revenue resource: oil and gas.…
Continue Reading“What actually constitutes ‘an extreme pricing practice,’ typically referred to as ‘price gouging,’ has nothing to do with sound economic theory and shows no consideration of what constitutes efficient price formation or the role of prices in an economy.”
“A year ago it was toilette paper; today it’s gasoline. The products that are hoarded may differ, but the cause of these shortages is ultimately the same: price controls.”
In the wake of the cyber-attack on the Colonial Pipeline, Southeast public officials at all levels of government are pleading with consumers not to hoard gasoline. Yet consumers are topping off the tanks of every car they own, even if those cars will ultimately be sitting in the driveways.
And with widespread hoarding comes shortages and long gasoline lines, which, in turn, incites more hoarding….…
Continue Reading“Classical economists used to list among the virtues of the price mechanism that it avoided social strife…. It has worked so smoothly we did not understand what the classical economists meant; today we see. In addition to its economic virtues, the price mechanism is a vital buffer of civility.” (WSJ editorial, 1979)
For many decades, the opinion-page editorials of the Wall Street Journal have informed the public policy debate. This was certainly true during the 1970s energy crisis, and it remains so today amid climate alarmism and the nostrums of forced energy transformation.
With the gasoline lines on the East Coast, some marred by temper tantrums and fisticuffs, I am reminded of perhaps my all-time favorite WSJ energy editorial. “Buffer of Civility” was published during the dark days of energy violence in summer 1979 (yes, the U.S.…
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