The Fungibility of Oil?

One of the problems that I have had with The Long Emergency by James Howard Kunstler is that on just about every page I found some form of statement that I disagreed with, or which was either a gross simplification or a distortion of the situation. Thus it took me until a flight from Anchorage to Maine to finally complete it. And from time to time I may try and explain some of the problems I have with many of the issues that are so glibly addressed therein.

But there is one statement that I suspect is widely accepted, which while presently true may yet, in the near future, radically change. This is the idea that oil is fungible…

More after the jump at The Oil Drum.