Honestly, I really don’t know much about economics. I find it very interesting, and I want to know more about it.
That’s why when I was at the local thrift store and I found a copy of Paper Money by “Adam Smith.” I knew that Adam Smith is considered to be the founder of modern economics. However, I was it little surprised to find out that this Adam Smith and the Adam Smith are different people. However, my research showed that this Adam Smith was rather knowledgeable and an easy read.
While Paper Money is not considered to one of his best works (perhaps even is worst), I still am finding the read to be interesting. I was particularly interested in some of his insights on oil. While, his discussion of oil is long and I haven’t quite finished it, I found something that I think is useful for today.
I found the answer to this simple question: “Who benefits most from limited oil in the market?”
Smith discussed the purpose of OPEC and it’s drive to limit oil so that the price could go up. Essentially, this was an anti-trust between the major oil producers in the Middle East to increase their profits. And it worked for a time I guess.
Well, thinking about this in modern terms, I find it interesting who the Democrats want to limit American’s access to oil. What is there motivation? Is it really the environment? Or is it because they are oil mongers trying to get the most for their money?
Specifically, I am thinking on ANWR. But I am sure there are other American drilling projects that are being stopped by this.
Even the Republicans aren’t pushing very hard for ANWR. And I think that it’s because they know that it will actually hurt the American oil industry more than help them. So, they are just putting on a face to look like they are fighting.
Okay, I am speaking too much about what I know little. I just had these thoughts as I read this book, and I wanted to write about it. As with all my posts, I am open to your insights on this matter.