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Im david schoumacher. We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline we buy. If one station sets its prices too high, thene can simply go across the stet if one station for a lower price. O high, if enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry john d. Rockefeller saw after the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybody could join the oil rh, and anybody di with thousands of smallscale prospectors, drillers, and refiners competing, the supply of oil was plentifu ....
Monopolies whos in control . With the help of our economic analyst richard gill well find out on this edition of economics usa. Im david schoumacher. We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline we buy. If one station sets its prices too high thene can simplygo across the stet for a lower price. If enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry john d. Rockeller saw after the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybodcould in the o rh, and anybody did. With thou ....
The russians with something that they know cant happen for two, three years is, may be counterproductive and, my reaction as an Energy Person is to say that the russian reaction would be, if that is the best youve got, then we have nothing to worry about. Thank you all for your testimony. I once again, thank you. Mr. Chow, let me follow up on that for a moment if i might. And that is you mentioned that any solution with lng in regards to ukraine would be midterm, longterm solutions, not short term. Can you just review with us what we should be doing in the short term . N russia has a doubleedged sword here. They can absolutely imply different pressure on ukraine by either raising price or, or cuttinger off but, its a very profitable source of income for russia. And of course a lot of the energy goes through the pipelines to other countries. However, ukraine needs to make itself more independent and have alternative sources and use ....
With the help of our economic analyst richard gill, well find out on this edition of economics usa. Im david schoumacher. We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline weuy. If one station sets its prices too high, thene can simply go across thet if one station for a lower price. O high, if enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry john d. Rockefeller saw after the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybodcould join the o rh, and anybody did. With thousands ....