The world needs more oil

Regarding the editorial, The world needs more oil (OGJ, Jan. 24, 2000, p. 17), a quibble if you please. We have alternated between oil "shortage" and excess for as long as I can remember.Let the competitive free market prevail. For OGJ to lecture petroleum exporting nations that they should increase production for the benefit of the importing nations strikes a dissonance with market principles. Put yourself in place of those nations or companies with discretionary production capacity: Should you sell a barrel of oil now for, say $11, or sell 0.9 bbl now for $25.20 (0.9 x $28/bbl) and somewhat later sell the withheld one-tenth bbl for an even higher price per barrel?If we act out of self-i...

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