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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (103721)3/8/2005 9:28:10 PM
From: quehubo   of 793911
 
Kudlow's comment is idiotic in the context of his argument. This is not the same situation as the supply shock-induced price spikes of the 1970s.

No kidding it is not the same, it is infinitely worse. In the 1970's there was a tremendous amount of supply waiting to be found and produced West Africa coast, North Sea, Alaska, there also were no real shortages. All OPEC had to do was get what it wanted and it opened up the spigots. There was a large amount of production capacity sitting idle waiting for demand.

Now after years of drilling activity there is no supply margin globally and as fast as supply can be increased demand is waiting to sop it up.
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