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Robert Greer
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Maybe the administration thinks oil is overvalued because the price of its substitutes will decrease more than is expected. For example, the markets seem to be skeptical about the near future of solar power, but some experts think it will achieve grid parity before 2016. (It's already about as expensive as natural gas in some states, and impressive advances in the technology happen seemingly every week.) If the administration agrees with the solar optimists, it could think that oil is overvalued because its putative future scarcity is inappropriately priced into its current value.
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Jun 28, 2011