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May 26, 2008

« Toronto (Science) Rising | Main | Death and Life of Public Intellectuals »

Gas_prices

(Via Andrew Sullivan, original here).

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Comments

Wendy

What comes after dark red? Color most of Canada in that.

Bob

It's not good to be a red state.

Jim Russell

The sharp jumps at state boundaries have to be due to differences in state gas taxes, don't you think?

From the looks of this, New Jersey is the oasis of Bos-Wash.

Gary Dare

The yellow areas around Portland, Oregon should actually be light to medium orange. The red zones in and around the City of Chicago are correct.

Whitney Gunderson

I posted some of this on another blog topic, but I don't think many people got a chance to read it....

I don't think record high prices are speculation. I think they are bound to go higher. Plus, it looks like the price of oil will actually be capped by limited supply. In economic speak, the demand curve will be on the very highest tip of the supply curve, and price will be supply limited. Support for this comes from Saudi Arabia amazingly not wanting to pump more oil when its $130 per barrel! They already raking in a boatload of money and are thinking about how much oil will be left in 50 years.

When the price of oil is maxed at a supply limited amount, this will even out the global playing field even more than it already is, and Richard Florida's idea that "the biggest threat to U.S. competitiveness.... stems from the increasing global competition for talent" will become central for a growing economy.

I am not even sure there is an economic term for "supply limited price." Does anyone have a better "handle" for this phenomenon?


Yule Heibel

Off-topic to gas prices, but since there's a clear interest in mapping data in your work with the Prosperity Institute, you might find the recent blog posts on Digital Urban interesting. They're all focused on the UK, not on N.America, but take a look at "Mapping the Credit Crunch: Mapping the UK's Mood with Radio 4" and "Viewing the Credit Crunch Over Time: Motion Graph Mapping" on http://digitalurban.blogspot.com/ (5/23 and 5/27, respectively).

Jason

Whitney, don't forget the peak oil people who believe that Saudi Arabia can't pump oil any faster.

Whitney Gunderson

I'm not sure that the peak oil people aren't right. There is a limited supply of oil. Saudi Arabia doesn't want to increase production because, like any rational producer, they want a secured, long-term stream of revenue. Why run out of oil in 30 years at $200 per barrel when you can run out of oil in 50 years at $300 per barrel? That is supply-limited-price.

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