|
No Release of Oil Reserves
Taylor is unspecific about timing, so it's a little hard to tell how long that $31 price held. This suggests to me that this government action only works if it's unanticipated by the market, because there is some short term inelasticity of supply, but that this effect doesn't last very long at all. Which is to say it really wouldn't do much good, as Taylor seems to acknowledge.
__________________
“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
|
