Libyan oil platform, wikipedia, http://en.wikipedia.org/wiki/File:Bouri_NC_41_DP4_platform.jpg

When oil prices are high, Americans like to say that the oil markets are broken, driven by speculators, detached from reality, driven by conspiracy. When prices are low, we do not have complaints about the oil markets. Then we say the “markets are working” as they are supposed to. In our minds the “real” price of oil is whatever we consider cheap.

Read the entire article at NYTimes.com The Price We’re Willing to Pay for Oil – Room for Debate.

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