Re:The global oil market is broken, drowning in crude nobody...
by standardUser on Sunday March 29, 2020 @10:34AM
(#22719289)
Oil doesn't operate in a free market, not even a "mixed economy"-style regulated market. The majority of oil production is managed by a cartel.
Re:The global oil market is broken, drowning in crude nobody...
by fulafel on Sunday March 29, 2020 @10:49AM
(#22719440)
In economics there is a wide consensus that the free market is a lousy guide when it comes to incorporating externalities like accelerating climate change causing millions of unnecessary deaths vs perceived need to drive around in gas guzzlers.
Taxes and cap-and-trade systems are indeed the mechanisms of how current international agreements try to attempt CO2 emissions, they're a fine way to implement it.
Re:The global oil market is broken, drowning in crude nobody...
by ehvatum on Sunday March 29, 2020 @11:41AM
(#22719859)
It was my understanding that by driving around in a gas guzzler, I am precipitating human extinction, bringing forward the long-awaited day when the ecology of Earth no longer includes humans, which will be “better”.
Where did I go wrong? Was it when I evolved?
Re:The global oil market is broken, drowning in crude nobody...
by specialbat on Sunday March 29, 2020 @10:11AM
(#22719118)
You can't have a free market when there is a monopolistic producer
Re:The global oil market is broken, drowning in crude nobody...
by syshum on Sunday March 29, 2020 @10:27AM
(#22719225)
Who would that be?
Re:The global oil market is broken, drowning in crude nobody...
by vikramkr on Sunday March 29, 2020 @10:46AM
(#22719411)
OPEC et al. Oil is a classic cartel controlled industry.
Re:The global oil market is broken, drowning in crude nobody...
by syshum on Sunday March 29, 2020 @02:08PM
(#22721147)
I figured that would be the response, and the current price drops proves that the be wrong as the it is not just falling demand that is causing the price collapse, not that started long before COVID, it is a price war between 2 (of many) large suppliers,
This idea that OPEC controls everything in oil is simply false
Of course oil is a problem but a tax or cap and trade system would make more sense to address it.