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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (415202)	9/8/2008 1:22:28 PM
From: TimF	Read Replies (2) \| Respond to of 1576954

Oil in 1950 was about $2.50/barrel That's only because the drill everywhere and use it up philosophy was in full swing At some points decades later, including after American "peak oil", oil was cheaper in real terms. there was lots of oil once, but it got used for insignificant purposes. I wouldn't call a huge portion of the US economy for decades on end "insignificant". Judging only from the information we have (oil price history up to today), it was quite rational to pump that oil. Sure if oil is $1000/barrel (in 2008 dollars) in 20 years the calculation changes, but while I expect oil to go up in real terms I don't expect it to increase that much.