[Voltorb]

There is the fallacy of the commons. The assumption that each individual acting in his own best interest is in the best interest of the group as a whole has been disproven. Did you ever see the movie "A Beautiful Mind." Remeber the seen where John Nash has his big breakthrough, thinking about trying to get the hot blonde. He explains that if they all acted in their own interests and approach her at the same time, she will turn them all away. Then her friends, who will be insulted by being chosen second, will turn everyone away as well. However, if they work together, and act for the good of the group by not automatically going for the girl they found the most attractive, everyone would end up happy.

As far as the price of gasoline is concerned. The market only considers the here and now, for the most part. Supplies might be considered for the next couple of months, but you don't see investors dumping shares because oil's gonna run out in fifty years. That would be silly, there's still money to make. The market has absolutely no idea how to serve the long term interests of the society in which it functions, especially when it comes to something as tricky as resource depletion.