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Re: oil and cold feet and hands

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  • Joseph Ford
    At $120 all sorts of complicated ventures makes economic ... of ... floor. ... or ... Money is a complete abstraction. Dwindling oil supplies certainly will
    Message 1 of 2 , Jan 18, 2009
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      At $120 all sorts of complicated ventures makes economic
      > sense under current use and distribution patterns. Lots of oil off
      of
      > west Africa. Oil under 2 miles of water and 3 miles of ocean
      floor.
      > All extractable if the price is high enough and burning of it is
      > otherwise costless. At the same time as the price of oil rises the
      > alternatives to oil become attractive. We won't suddenly run out of
      or
      > stop using oil.

      Money is a complete abstraction. Dwindling oil supplies certainly
      will drive the price up which will motivate more complicated ventures
      there's no doubt. At some point though the abstraction of money
      becomes apparent. It takes energy to extract and refine oil. The more
      difficult the oil is to get to the more energy it takes to extract
      it. Oil sands take more energy to refine than the clean stuff of
      yesteryear. When the time comes when it takes more energy to extract
      and refine the oil than the oil will produce then the game is over.
      It will no longer matter how much money you throw at it.

      Oh, and Morgan thanks for the rants, I always appreciate them. And
      I'm glad you're feeling better. There's a lot of beauty in the world
      even in these crazy times.
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