Or does simple economics break down when dealing with oil?

There is more than a bit of truth in that off-handed remark.

While the laws of economics still work, the normal structure of supply and
demand sure doesn't. There is nothing "simple" about economics when
dealing with oil.

There are simply too many countries, too many ideologies, too many axes to
grind, and too much money involved for this to be anything but difficult.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"