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Very Crude Oil

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In today’s NY Times, Paul Krugman warns [2] us that we are running out of oil, and that scarcer oil (and consequent higher prices) are inevitable over the long run. I’m skeptical for a variety of reasons. Here’s a link to one of these reasons — a link to a story, not incidentally, that nicely reveals the importance and validity of Julian Simon’s insight that the human mind is the ultimate resource:

http://abcnews.go.com/wire/Business/ap20040413_66.html [3]

I thank my student Amanda Mariano for this link.

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