[econjack]

Actually, we are agreeing. All I was saying is that what they are doing is not consistent with trying to maximize profits, so there must be some other reasons for their actions and I was speculating that the reasons are political more than economic.

[gogeo]

I think there's a political element. But doing what they are doing is consistent with maximizing their long term return on their reserves.

I'm not a greenie by any means but I believe that oil will be relegated as old technology for energy within 50 years. I suspect SA thinks so too. Once the world uses another primary energy source their reserves are worth little.

They have to pump while there's demand.