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Even if Iraq's capacity reached that level, why on earth would they pump oil in sufficient quantity to depress the price?

Producers have every interest in restricting supply at the level necessary to maximise their resource rent, and moreover, while dollars yield zero per cent, they have no reason to exchange valuable oil in the ground for dollars other than for necessary expenditure.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Tue Nov 9th, 2010 at 01:18:41 PM EST
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