Jim's blog discovers that somebody else has being doing the math on oil. He says something like this:
Econobrowser has projected the growth of oil demand of China and concludes the this country will soon be consuming a lot more oil than is ever likely to come out of the ground. Therefore the price of oil will rise without limit.Well, that will not happen. Trade and other wars will be fought for the oil, and the West will win once more. Imperialism, that practical English invention of buying raw materials cheap and selling manufactures dear, will be re-invented under a different name. That may have been in the mind of U.S. oil executives who told Congress yesterday that prices should be between $35 and $90 a barrel. John Hofmeister, president of Shell Oil Co., the Houston-based subsidiary of Royal Dutch Shell Plc, pegged the proper range ``somewhere between $35 and $65 a barrel.''