Friday, April 8, 2011

Quote of the day: On Scarcity and Oil Prices

"..if demand growth resumes in China and other countries at its previous rate, the date at

which the scarcity rent will start to make an important contribution to the [oil] price, if not here

already, cannot be far away."

JD Hamilton, 2008. Understanding Crude Oil Prices. NBER Working Papers.

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