{"id":506,"date":"2014-10-23T15:22:11","date_gmt":"2014-10-23T15:22:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=506"},"modified":"2014-10-23T15:22:11","modified_gmt":"2014-10-23T15:22:11","slug":"our-finite-world-exploring-how-oil-limits-affect-the-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=506","title":{"rendered":"Our Finite World | Exploring how oil limits affect the economy"},"content":{"rendered":"<p><a href=\"http:\/\/ourfiniteworld.com\/\">Our Finite World | Exploring how oil limits affect the economy<\/a>.<\/p>\n<p style=\"background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; vertical-align: baseline; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 24px 0px; border: 0px initial initial;\">A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so that in total producers would provide enough\u2013but not too much\u2013oil for the world economy. The prices would be fairly affordable for consumers. And economies around the world would grow robustly with these oil supplies, plus other energy supplies. Unfortunately, it doesn\u2019t seem to work that way recently. Let me explain at least a few of the issues involved.<\/p>\n<p style=\"background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; vertical-align: baseline; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 24px 0px; border: 0px initial initial;\"><strong style=\"background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; vertical-align: baseline; font-weight: bold; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px; border: 0px initial initial;\">1. Oil prices are set by our networked economy.<\/strong><\/p>\n<p style=\"background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; vertical-align: baseline; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 24px 0px; border: 0px initial initial;\">As I have\u00a0<a style=\"background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; vertical-align: baseline; color: #0066cc; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/ourfiniteworld.com\/2014\/06\/23\/wy-standard-economic-models-dont-work-our-economy-is-a-network\/\">explained previously<\/a>, we have a networked economy that is made up of businesses, governments, and consumers. It has grown up over time. It includes such things as laws and our international trade system. It continually re-optimizes itself, given the changing rules that we give it. In some ways, it is similar to the interconnected network that a person can build with a child\u2019s toy.<\/p>\n<p style=\"background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; vertical-align: baseline; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 24px 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our Finite World | Exploring how oil limits affect the economy. A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so that in total producers would provide enough\u2013but not too much\u2013oil for the world economy. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[246,263,588,589,592,596],"class_list":["post-506","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-economy","tag-energy","tag-oil","tag-oil-demand","tag-oil-price","tag-oil-supply"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=506"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/506\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}