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Energy Policies and Oil Supply
It seems to me that most policymakers have missed some basic issues with respect to our energy problem. One of these is that world oil supply is very inelastic–that is, even with high price, it doesn’t rise much, if at all. Another issue is that free international trade makes world-wide impacts of policies fairly different from what the effects seem to be, when measured within the boundaries of the country. It seems to me that the combination of these issues is contributing to one of our current problems–rising world CO2 emissions, even as countries struggle to contain CO2 within their
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