Worldwide

Secretary of Energy Confuses "Supply and Demand"

Secretary of Energy Confuses

Perry's visit comes a day after his tour of a coal-fired power plant in northern West Virginia, during which he suggested that energy supply will spark demand. What a time to be alive.

"Here's a little economics lesson: supply and demand", Perry said, according to Taylor Kuykendall of Standard & Poor's.

This is incorrect. On an unrelated (?) note, while an undergrad at Texas A&M University, Perry received a D in a class called "principles of economics".

"It's an old assertion named Say's Law and it's wrong". Say's Law is frequently misinterpreted as "supply creates its own demand", which is evidently false. "And I know for a fact not everyone passes it", he said. Adding more supply then acts to bring down the price.

Energy Secretary Rick Perry has a reputation for verbal gaffes, so the internet pounced on his latest remarks.

Of course, the Department of Energy is certainly tied and tethered to economic policy in myriad ways, so there's no doubt that Rick Perry is regrettably more influential in economic policy than many would prefer, but after this statement, we should be thanking our lucky stars that the man didn't finagle his way onto the Federal Reserve board.

The implication seemed to be that if the amount of coal increased, then the demand for that product would increase too.

"There is debate about the disconnect about what the administration is telling coal workers and their communities and the truths about the markets, so they're weaving a story and telling people in coal reliant areas that they have the power to revive the coal industry", she said.

Perry and his companion on the tour, U.S. Rep. Tim Murphy, R-Upper St. Clair, also praised work the lab was doing to identify and extract rare-earth elements from coal and coal byproducts.



Like this

Latest


26 September 2017
Explore Fort Tilden State Park: An Abandoned New York City
As you approach the boat graveyard, as its name is, there are about more than 100 extinct vessels that rest in the relative peace. But in the recent years, it had gone from an obscure stretch to a favorite destination among the beachgoers and lovers as well.

13 September 2017
Casino "SL Casino Riga" of Storm International chain to open in Riga
Guests could relax playing the most popular slots, roulette and video poker, as well as enjoy original entertaining show programs. The interiors are made in soft colors and the muffled lighting is done to create an atmosphere of luxury and relaxation.

08 July 2017
Achillion Pharmaceuticals (ACHN) Given Media Sentiment Rating of
COPYRIGHT VIOLATION NOTICE: This piece was originally posted by Sports Perspectives and is the property of of Sports Perspectives. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock.

08 July 2017
AJ Styles Wins United States Championship At WWE MSG
Why rare? Styles beat Owens off television at a WWE Live house show in New York's famous Madison Square Garden arena. WWE's house shows at Madison Square Garden are among the biggest non-televised events that they put on all year.

08 July 2017
The Kraft Heinz Company (KHC) Stake Maintained by Carret Asset Management LLC
Credit Suisse Group reissued an "outperform" rating on shares of The Kraft Heinz Company in a research note on Sunday, April 23rd. CORDA Investment Management LLC. bought a new position in The Kraft Heinz Company during the third quarter valued at $3,848,000.

08 July 2017
Sadiq Khan rejects call to move Notting Hill carnival after Grenfell fire
London's mayor, Sadiq Khan, rejected the call, saying the carnival belonged on the streets of its Notting Hill birthplace. More than one million people attend Notting Hill Carnival every year, making it the biggest street festival in Europe.

08 July 2017
Evacuation orders issued for parts of BC's interior
A wildfire near Princeton in British Columbia's southern Interior has prompted an evacuation order for homes in the area. Fire crews told a Spotlight photographer that the blaze is spreading at one-quarter kilometer an hour.

08 July 2017
League Report: Drogheda United 0 - 2 Finn Harps
Caolan McAleer was next to have an effort for Harps on 21 minutes as his curling effort was saved low by McGuinness. McAleer was again at the centre of the action on the half hour mark as he went closer again.

08 July 2017
How Analysts Feel About Alliance Resource Partners, LP (NASDAQ:ARLP)?
It dropped, as 126 investors sold AMZN shares while 478 reduced holdings. 80 funds opened positions while 126 raised stakes. On October 5 Deutsche Bank maintained a stock rating of "Buy" but lowered the price expectation from $36.00 to $32.00.

08 July 2017
Border row: China says India has 'ulterior motives'
Beijing and Thimphu claim Doklam, where the Chinese were stopped by the Indian Army from building a road. Any attempt to unilaterally determine the trijunction is a violation of the convention.



Recommended