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To: thames_sider who wrote (9759)	4/18/2002 9:27:42 PM
From: TimF	of 21057

Question 0. Abstract one. You have a scarce, irreplaceable resource. It has various uses; it can be substituted in each, but in the short term this will cost more. Which is the best choice? 1) burn it all in really big engines, so that people can travel faster at their own convenience. 2) use it carefully but still burn it all, to avoid the costs of finding a replacement. 3) try using the replacements and save it for as long as you can. Pay more, short term, but maybe earn more in the longer (10+yr) period. When the oil does start to run low the price will gradually go up. At some point the other sources of energy that are available will make sense economically and they will be developed. Also the higher price for energy will encourage conservation without any political or legal effort need to push the idea. Its supply and demand. Economics 101. Tim

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