Re: RE: Re: RE: Re: RE: Re: Current implications for South Africa

[Doug Henwood <dhenwood@xxxxxxxxx>]

Mark Jones wrote:

> Doug Henwood wrote:
>
> >  I'm not as apocalyptically gloomy as you are
>
> In the two years since you told me that oil price rises were 'short term
> fluctuations', a 'spike', the result of a market perturbation--oil prices
> have tripled and gas prices have risen still more. There is no evidence that
> energy prices will come down this side of a sharp recession. Whatever your
> feelings about the messenger, the message is surely worth attending to.

You, George W Bush, and Dick Cheney are about the only people who
believe the oil price rise is the result of fundamentals - and
they're looking for excuses to punch holes in the Alaskan tundra.
Prices are still low, whether measured relative to average hourly
wages or a price index. I'd bet you that the spike will be undone,
but since you already owe me some Lagavulin, I'll pass on the
challenge.

Doug