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Poor and StupidHow big government, big business, big media and big academia block your road to financial freedom- and tell you it's for your own good. |
Oh, Brilliant!
Posted on 12/30/2006 11:31 AM | Link | Post Comment
The Wall Street Journal features another fuzzy-minded op-ed on environmentally friendly autos, this one singing the praises of "plug-in hybrids" by a former Clinton administration CIA chief. The rationale -- such cars will keep OPEC from lowering oil prices. Does the Journal publish this stuff just to make Democrats look bad?
Indian and Chinese demand and peaking oil production may make it much harder for OPEC today to use any excess production capacity to drive prices down and destroy competitive technology. But as plug-ins come into the fleet low electricity costs will stand as a substantial further barrier to such market manipulation. Since OPEC cannot drive oil prices low enough to undermine our use of off-peak electricity, it is unlikely to embark on a course of radical price cuts at all because such cuts are painful for its oil-exporter members.
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