(fwd from Schanoes) Oil

Les Schaffer schaffer at optonline.net
Mon Jan 13 14:53:07 MST 2003

[ submitted from unsubbed address. David, you need to post to marxmail
from your subscribed address. or if you are going to use this one a
lot (mnr.org), let me know and i will add it to a post only list. Les

First a correction, I double counted Russia and Mexico, which still
leaves us at 1 trillion,  with more than half, close to 2/3 in the
Persian Gulf.

With all due respect, the question is not one  of doom and gloom or
revolutionary zeal.  The issue is what precipitates the current
maneuvers of capital, overproduction, falling rate of profit, or the
visible end of a finite supply of the resource.

 I tried to show that the oil crises of the last 30 years exhibited the
classic trajectory of capital and overproduction by identifiying the
costs of production, the divergence, between cost and price, the rate of
return on investment, the fundamentals, the abcs so to speak of making
that determination.

The decline in the rate of profit  compresses Marx's determination that
revolutions occur when the means of production come into conflict with
the property relation into one statistic and into a prospect for change
by a specific revolutionary agent-- a class.

Nothing in "Value, Price, and Profit" stands opposed to our deep
concern for the environment, and for the prospects of an economic
development that abjures pillaging the planet. On the contrary, the
analysis of overproduction provides the most certain method for reaching
that prospect.

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