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Are there good reasons to think that the rate at which oil is extracted and burned is independent of consumer demand? It's not far-fetched, but it would be surp

by dTal 7y ago

Are there good reasons to think that the rate at which oil is extracted and burned is independent of consumer demand? It's not far-fetched, but it would be surprising.

konschubert 7y ago
The rate might be affected by consumer demand. But I think that the total amount of oil that will be burnt only depends on the price of extracting the next barrel vs the price of other energy sources.