Reality Check: Low Carbon Fuel Standard a Misplaced Priority
David Crane’s article about the low carbon fuel standard, fuel prices and market forces truly represents “misplaced priorities” on behalf of the author. Somehow he connects the dots between high oil prices and the need for a low carbon fuel standard. If the oil market was being truly driven by market forces, their may be an inkling of a connection here. However oil markets are now driven by Wall Street investment decisions and the switching of investment bundles into different classes of products, including oil commodities. Oil prices have very little to do with market forces and very much to do with currently-legalized gambling.
Right now there is a huge abundance of oil and fuel in the global economy – a glut. But oil prices hover in the high seventies/low eighties for no other reason than investment firms deciding to abandon the poker table in favor of the dice table.