Gold is peculiar in this sense, but generally speaking I think it’s worth separating value from price If we doubled oil supply tomorrow, the price would drop d

Gold is peculiar in this sense, but generally speaking I think it’s worth separating value from price If we doubled oil supply tomorrow, the price would drop drastically, probably to less than half. The total price of all the oil would be less than yesterday. But, that doesn’t mean we’re deriving less value from the oil. We’ll have more energy and materials, that’s more value. It probably isn’t twice the value (we’d probably be less energy efficient, for example) but it would definitely be more value.