The sad state of economics education

Nearly 80% of People Believe Gas Prices Have Been Manipulated by Daily Fuel Economy Tip

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3 Comments on “The sad state of economics education”

  1. OmegaMom Says:

    When I got into the peak-oil believers’ blogs (many of whom claimed to work for oil companies), I learned a little about the oil and gas industry…including the reality that companies’ gas supplies are related to the previous winters’ oil supplies. Thus, a warm winter with low demand on oil leads to a summer with higher gas prices. Or something like that. As the original poster said, if they’re gouging, why on earth don’t they gouge on an ongoing basis?

    Oil CEOs whose salaries and bennies are in the millions do bug me, though…

  2. OmegaMom Says:

    You’d find this little article that Miss C. led me to interesting: http://www.jsonline.com/story/index.aspx?id=610122 – Independent service station owners giving up selling gas because there’s no profit in it for them…

  3. gh1f Says:

    Thanks for the links. I am not sure year about peak oi l—it is going to happen someday. The question is whether there is not enough work on replacements—I cannot tell about that yet. I am impressed with how quicky people started buying hybrids when the first big gas price hit.

    You can sometimes see the inventory spikes in the futures curves, too. That is what lead to a big hedge fund crash last year— the Amaranth hedge fund.

    Big salaries may reflect that the ceo’s can destroy a lot of value if they made a bad decision.


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