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Re: Burns:: Friday Fanaticism

Funny how no one has mentioned prices and how they prevent the exhaustion of scarce resources.

See, the problem with oil is that it has become LESS scarce lately. That happens -- sometimes you just find new oil and there's a larger supply than anyone thought. But it's certainly very true that there MUST be a limit to the amount of oil available, but anyone who understands the most basic principles of price theory knows that as oil really starts to run out, the price will rise. When gas gets to be $5 or $10 a gallon here in the US, you will see a change in peoples' auto purchase habits.
 
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