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Re: OT: The effect of diesel on the US economy


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Posted by MarkB_MI on February 03, 2008 at 04:52:09 from (216.234.125.139):

In Reply to: OT: The effect of diesel on the US economy posted by colekicker on February 03, 2008 at 00:28:48:

Things are never that simple.

First, the prices of all fuels, particularly petroleum-based fuels, are interlinked. Gasoline, diesel, kerosene, jet fuel all come from crude oil; refineries start with a barrel of crude and decide how much of each distillate to make. One way or another, it all gets back to the price of crude oil. Even the prices of non-petroleum-based fuels (coal and ethanol, for example) rise and fall with the price of crude oil. Likewise with natural gas.

There is a common belief that high fuel prices are bad. This is not necessarily so. Higher fuel prices encourage conservation, which is not a bad thing when you consider that there's only so much oil left. Not to mention the effect of fossil fuels on our environment. Higher fuel prices also increase oil exploration. Ask somebody who's working in the oil fields today if they'd like to go back to the cheap oil of the '80s and '90s. High fuel prices have created a lot of domestic jobs at time when our economy needs them badly.

You don't say how you propose to lower fuel prices. Would you have price controls? Any economist will tell you that, in the long run, price controls lead to shortages. Or would you eliminate taxes on fuel? If so, how would you propose to make up the lost revenue? Or would you subsidize the price of fuel? That's what we have today with ethanol production; it has resulted in, among other things, historically high grain prices which certainly has benefited farmers but has led to other unintended consequences. (For example, there is a shortage of hops, a key ingredient in BEER, due partly to the conversion of hops acreage to corn.)


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