by StarvingLion » Thu 15 Oct 2015, 13:08:58
Rockman and his supply and demand, market bullshit. He doesn't even know the history of oil. What a loon.
Under conditions of excess supply capacity, unmanaged pre-1930 in the US, nominal prices fell to $0.13/bbl. The governors of Oklahoma and Texas called out the National Guard, the latter the Texas Rangers as well, to seize wellhead production under force of arms to raise nominal prices to $1/bbl and avoid extraction practices which would have ultimately left much of the resource unrecoverable. The result was a 40-year period under which the Texas Railroad Commission effectively regulated the global supply of oil, and its price, which remained remarkably consistent from 1945 (post WWII) through 1973.
Outcast_Searcher is a fraud.