Oil and Overproduction 2

David Schanoes dmsch at attglobal.net
Sat Jan 11 11:22:16 MST 2003

The question before us: Is the predicament/situation of the oil industry, of
oil capital, a manifestation of capitalist overproduction?  Does the current
situation find its origins in those classic Marxist elements of
overproduction, increased technological expenditures, expansion of the means
of production, declining unit  prices for the commodities resultant, and
price movements reflecting both the declining rate of profit and the attempt
to bolster through a rapid, dramatic price increase?

Or.... is the current situation in both political and economic
manifestations the result of permanent shortages of the finite raw resource
of production, namely oil.  A shortage, not remediable by 1. technical
progress in the service of capital, i.e. advanced discovery and recovery
techniques; 2. devaluation, destruction, and redirection of capital's
existing resources, i.e. recession, war, austerity;  3. social revolution of
the relations of production, overthrowing the limitations of private
property and profit on social development of production?

If the predicatment of oil capital is indeed the product of "classic"
overproduction, then the indicators of this, falling rate of profit, etc.
call forth, the negation of capital.  The overproduction inherent to the
organization of production under capital, calls forth the negation of
capital's reflected identity, wage-labor, and thus a revolutionary agent, is
thrust ahead as a historical necessity, based on the structure of capital

If that is not the case, then the great risk is that the path to revolution
veers from material conditions to moral imperative, from historical
necessity to desperation, from revolution itself to apocalypse, and in this
case, from Marx to Mad Max, the Road Warrior.

Yes, I read the archives.  And I maintain my original view.


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