Today on her blog, Baker Institute fellow Amy Myers Jaffe takes economist Paul Krugman to task for a column in which he dismisses the concept of an oil market bubble in 2008.
“Dr. Krugman’s quick, six sentence dismissal of the oil bubble school of thought follows on from his longer, incorrect op ed in the midst of the 2008 bubble that a speculative oil bubble would have been accompanied by an increase in inventories, which he asserted at that time hadn’t been observed.”
Jaffe is the Wallace S. Wilson Fellow in Energy Studies and director of the Energy Forum at the Baker Institute. Her blog, “Views from the Baker Institute Energy Forum,” focuses on oil geopolitics, strategic energy policy including energy science policy, and energy economics.