Monday, November 07, 2005

Unquestioning Belief In Works Of Fiction

My last post about gas prices assumed that a 9.1% oil industry profit margin was reasonable, an assumption I made based on the high prices of the last quarter. With the companies doing so well, maybe they can increase refining capacity or invest in exploration (especially in ANWR, thanks for finally getting you act together, Congress!)

There's a great article on National Review Online today explaining the market forces behind oil companies doing really well recently and it's worth a read. Unless you are a worshipper at the modern altar of Environmentalism, then don't bother.

That reminds me of the text of a speech by Michael Crichton I read recently, on Environmentalism as religion. It's a terrific and perceptive point of view and widely applicable to other political "movements" that have long since achieved their purpose and descended into radical ideology.

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