Oil hits $49

CNN. Oil closes near record high at ~$49. The price of oil is an objective measure of the health of globalization. It begs the question: who is winning? [John Robb’s Weblog]

A follow-on point, made by Larry at ArchPundit:

If OPEC can’t significantly affect the price of oil when it can increase supply by 1.5 million barrels a day, how is ANWR supposed to do that when estimates put the maximum barrels a day at 876,000 in 2025? [ArchPundit]

One response to “Oil hits $49”

  1. ANWR is a drop in the bucket in a global fungible oil market. If we need it to keep the military or critical power infrastructure running during times of crisis, then we should set it up and mothball it.

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