Arthur Berman: "Peak Oil - The Hedonic Adjustment"
The Great Simplification with Nate Hagens
00:00
The US Oil Industry, Refining Industry, Petrochemical Industry
The US oil industry is doing exactly what its investors expect from it. It's maximizing shareholder value and maximizing profit. But ROCE return on capital in place does not necessarily do that for the well-being of the United States. And I take that phrase directly from M. King Hubbard. We're in service to the superorganisms and corporations are miniature superorganisms. No one's fault. They're following the rules that were set out.
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