The Oil Drum: Scarcity Rents and Oil Prices, Again

On October 24th, Dr. James Hamilton of Econbrowser commented on The Tragic Consequences of the High Discounting of Oil Extraction in his story Is peak oil irrelevant?

We’ll return below to some of Hamilton’s other observations as we consider what meaning to draw from the history of oil prices over the last several years.
Much more after the jump to The Oil Drum.