At the press conference in Tehran—while solemnly announcing the raise of posted oil prices to $11.6 a barrel and the government take (correctly called royalty because it is the king who receives it) to $7—Shah Mohammed of Iran said:
We must base this matter on a new concept. We must compare the price of oil to the price of other sources of energy…. The price should be the minimum you would have to pay for the extraction of shale, the liquefication of coal. How much it costs to exploit these other sources of energy should be the basis for the price of oil.
His Highness, most likely, has never read the third volume of Das Kapital; but his words could have been taken verbatim from th...
For just $19.95 a year, get access to new issues and decades' worth of archives on our site.
Print + Online
For $35 a year, get new issues delivered to your door and access to our full online archives.