Industrialized Cyclist Notepad

Krugman doesn’t mention depletion either

…Although he does make other good points, like Yergin, in service of his argument of the day.

…Oil prices are up because of rising demand from China and other emerging economies, and more recently because of war scares in the Middle East; these forces easily outweigh any downward pressure on prices from rising U.S. production.

via Natural Born Drillers –