Monday, January 22, 2007

Did oil price "tip" demand?

Front page of Wall Street Journal on Friday floated the idea that high oil prices hit a 'tipping point' in 2006 that prompted a fall in consumption within OECD nations. It was a big reach, but the Journal managed to turn it into a possible justification for Bush to present Pigovian arguments in favor of energy taxes in State of Union. We shall see. For the No Pigou take on this, visit the Club for a fresh posting.

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