Previous Chapter Chapter 7: American and Global Energy

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American and Global Energy
American and global energy

“Oil is a global market in which America is a big consumer but a small supplier. We consume about 20 percent of the world’s oil but hold only 2 percent of the oil reserves. That means we are, in economics jargon, ‘price takers.’ Domestic production has increased during the Obama administration, but it has had minimal effects on global prices because, as producers, we are just too small to matter much. And even if domestic oil companies further increased production, they would sell to the highest global bidder.”

Richard Thaler, “Why Gas Prices Are Out of Any President’s Control”1

It is early in 2012. With the national media obsessively tracking the combative Republican presidential primaries and speculating on ...

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