You’d think The Wall Street Journal would understand supply and demand, but evidently not, based on a recent story with this headline: “Demand for Oil Could One Day Outstrip Supply.” In a letter to the editor published Tuesday, Roy Cordato pointed out a first-year economics student would know that, “In the event that oil becomes more scarce over time, reversing trends of that last 140 years, prices will rise, quantity demanded will fall and consumes will continue to get all the oil they want.”
Elementary Economics
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