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15264RE: [LandCafe] Re: 70% of oil price is speculation

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  • Harry Pollard
    Feb 28, 2013



      To repeat, Georgists have always included oil and minerals in their analysis. In fact, while urban rent collection will finance a city’s infrastructure – but not much else – oil, gold, minerals seem adequate sources of revenue for state and national treasuries. However, we wouldn’t tax it, but rather own these bounties and lease them to those who want to extract the goodies.


      Our philosophical right to the bounties of nature has never been in question. This list is less a Georgist list than an LVT list which perhaps accounts for the endless time spent on exemptions. The Brits have many LVT advocates and among them are Georgists but you don’t have to be a Georgist to appreciate Milton Friedman’s “least-bad tax”.




      From: LandCafe@yahoogroups.com [mailto:LandCafe@yahoogroups.com] On Behalf Of John
      Sent: Wednesday, February 27, 2013 4:49 AM
      To: LandCafe@yahoogroups.com
      Subject: [LandCafe] Re: 70% of oil price is speculation



      --- In LandCafe@yahoogroups.com, "walto" wrote:

      > --- In LandCafe@yahoogroups.com, "John" wrote:
      > >
      > > Scott Baker hit upon a good point. 70% of oil - which is land as it is a natural resource extracted from land - is because of private speculation. Geonomics would spot this one of course, LVT, Georgism, would not, but how?
      > >
      > > Scott says oil should only sold to those who use it - of course. Oil sits in large tanks and may be bought and sold many times. Oil is also sold in tankers as they sail the open ocean. The oil in the ships may be bought and sold 2 or 3 times on route, which is out of countries' jurisdictions.
      > >
      > > People in Europe are finding it difficult to pay for
      > > the heating bills. It is either eat or heat.
      > I also find it difficult to pay for my heating bills,
      > but I sincerely doubt that requiring me to buy my
      > oil directly from OPEC is a sensible solution.

      By the time the oil get to the retail outlet that sells you the refined oil, speculators (economic freeloaders) have driven up prices to extortionate levels. That is obvious. Geoism will tackle that but Georgism, concentrating wholly on LAND, will not.

      Bank are the biggest oil speculators, keeping tankers outside the limits until the can make a gain and bring them in.

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