Scientific American, Jeffrey D. Sachs: Why the Oil Crisis Will Persist [Extended Version]
Another great story by Jeffrey D. Sachs of Scientific American.
According to recent statistics, U.S. motorists have responded to record-high prices at the pump by driving less. Any hope that this cutback will significantly restrain global oil prices is misplaced, however: fundamental factors of supply and demand in the world economy will keep oil costly for years to come. The hope that a cutback in driving by U.S. motorists will significantly restrain globa…
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