Question Earthority!

“For the last few days, I have been chewing over this short Financial Times article about the global economic quandary created by high oil prices. The item is informative. The rub is that oil-producing nations tend to save money rather than invest it. When oil-consuming nations send their petrodollars abroad, the capital essentially disappears from the market, and global demand falls, potentially slowing the world economy. The solution to this problem — massive investment — creates another one: How should producers invest money from super-high oil prices? That’s interesting. That’s not what drives me nuts. This is what drives me nuts: To illustrate just how expensive oil is, the writer begins with this lede: ‘At today’s prices the value of oil in the ground exceeds the combined value of all the world’s equity and debt markets.’” (08/21/08)