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January 22, 2012
Buy low and sell high
On Friday, you could buy a barrel of light, sweet crude oil produced in North Dakota for less than $81.On that same day, oil refiners in Port Arthur on the coast of Texas were paying around $110 to import a similar grade of oil produced in Nigeria. That's $30 worth of incentive to you to try to figure out a way to transport oil from North Dakota to Port Arthur in order to replace a barrel of imported Nigerian oil with Williston sweet. As a nation, if we could divert some of the resources we are currently devoting to pay for oil imported from Nigeria, and use them instead to enable the Port Arthur refinery to get its oil from North Dakota, we will become richer. -- Econbrowser: Wealth creation
Posted by gerardvanderleun at January 22, 2012 10:51 AM. This is an entry on the sideblog of American Digest: Check it out.