[slowmover]

The fuel price, subsidized, still doesn't fairly take into account environmental damages. That $11.62/gl without subsidies would be higher if it were. Then, if we were to add in health-related problems (productivity losses) it would change still further.

All of which is to say that we -- individually and societally -- do not practice honest accounting. But, as we are exceptions to history this is of little concern to right-thinking people.

Ran across this, this morning:

If the annual American per capita annual oil consumption is 23/bbls, then that of the Chinese is 1/bbl. They can absorb a much higher price than we, perhaps 20% or more. (Especially as so much of American use is for transportation).

If the American economy starts to hurt at $90/bbl, the Chinese may not feel that pinch until $110/bbl or greater.

To keep domestic disturbance under control, the Saud familys' "nation" needs, increasingly, a projected $90/bbl or higher -- ramping even farther in the future with projected demographic growth -- to maintain todays level of benefits. Ain't goan be no A-rab Spring in Riyadh

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