By Dr. Mark J. Perry Basic economic theory tells us that one of the predictable consequences of resources becoming more expensive is that higher prices will stimulate discovery, exploration and greater production on the supply side. And that’s exactly what we’re seeing now in Texas for oil and gas, according to this WSJ article dated April 8 – “Chevron Rekindles Old Texas Flame: High Oil Prices, New Technologies Once Again Make the Permian Basin a Popular Spot for Drilling.” Here’s an excerpt: “Climbing oil prices are making the aging oil fields of Texas’s…
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