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The cartoon is kinda funny-- the fungibility of oil is an important thing that people overlook.
But it overlooks (1) that reducing demand would reduce the amount of money going to the purchase of oil and (2) that increasing demand for alternative sources of energy will encourage scientific advances that reduce oil consumption.
1) Reducing demand can only have an effect if it is done in a comprehensive manner with coercive force. That is, if you or I reduce our demand, there is no effect. If the country or the world reduces its demand, then there will be an effect.
2) Increasing demand for alternative sources of energy will not reduce oil consumption; only replacement of oil consumption with use of alternative energy will. And so long as oil is cheap (which it is now in relative terms), demand for alternative sources of energy will remain low.
2 comments:
The cartoon is kinda funny-- the fungibility of oil is an important thing that people overlook.
But it overlooks (1) that reducing demand would reduce the amount of money going to the purchase of oil and (2) that increasing demand for alternative sources of energy will encourage scientific advances that reduce oil consumption.
Anonymous:
1) Reducing demand can only have an effect if it is done in a comprehensive manner with coercive force. That is, if you or I reduce our demand, there is no effect. If the country or the world reduces its demand, then there will be an effect.
2) Increasing demand for alternative sources of energy will not reduce oil consumption; only replacement of oil consumption with use of alternative energy will. And so long as oil is cheap (which it is now in relative terms), demand for alternative sources of energy will remain low.
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