Learning From the Third Oil Shock As It Relates to Current Crises

I just wanted to explore WorkAdemia, but ended up reading David Seduski’s whole article, because I found it so interesting an informative. I think that I understand the oil market much better than I did before. I have heard many partial solutions, really politically and economically motived slogans, most of which have tried to blame big oil, or OPEC or other oil producers; and not a few paranoid conspiracy theories about how either group is sitting on massive reserves which could let us all wallow in oil for eternity but won’t release them, to support high prices or just to spite us. I have heard many simplistic solutions, like let’s just show those big guys by not buying and gas or oil this month.

I do wonder if Mr. Seduski might consider the deBeer’s monopolistic grip on the diamond market, and limiting output to keep diamond prices high as somewhat comparable to what OPEC is attempting (with considerably less success).

Thanks for a very good article.

Jim Hawley

I just wanted to explore WorkAdemia, but ended up reading David Seduski’s whole article, because I found it so interesting an informative. I think that I understand the oil market much better than I did before. I have heard many partial solutions, really politically and economically motived slogans, most of which have tried to blame big oil, or OPEC or other oil producers; and not a few paranoid conspiracy theories about how either group is sitting on massive reserves which could let us all wallow in oil for eternity but won’t release them, to support high prices or just to spite us. I have heard many simplistic solutions, like let’s just show those big guys by not buying and gas or oil this month.

I do wonder if Mr. Seduski might consider the deBeer’s monopolistic grip on the diamond market, and limiting output to keep diamond prices high as somewhat comparable to what OPEC is attempting (with considerably less success).

Thanks for a very good article.

Jim Hawley