The wisdom of Gordon Tullock, part II

The U.S. Navy said pirates commandeered a Saudi-owned supertanker
bearing more than $100 million worth of crude a few hundred miles off
the Kenyan coast, an attack that sharply increases the stakes in an
effort by governments and militaries to protect the world’s
energy-supply lines.

U.S. Navy officials said the hijacking was unprecedented for its
distance from shore and the size of its target — a ship about the
length of a U.S. aircraft carrier. The attack appears also to be the
first significant disruption of crude shipments in the region by

Here is the story.  Here is Peter Leeson’s paper on pirates.  I don’t yet see it on Amazon, but stay tuned for Peter’s forthcoming book The Invisible Hook

I thank Brad Williams for the pointer.

Addendum: From another article:

The pirates’ profits are set to reach a record $50 million in 2008,
Somali officials say. Shipping firms are usually prepared to pay,
because the sums are still low compared with the value of the ships.


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