02 October 2005

(on The Price at the Pump) I Say ...

Why aren't the commodity traders being called to testify about the price of oil? Not saying they can do anything about it (but perhaps enlighten us a bit). With each whiff of bad news, the CBOE finds panicked suckers, the price of a barrel of oil jumps, and that seems to translate to a 25 cent jump in prices at the pump. The oil executives, refiners, and service stations can't control that kind of inflation, right? And clearly that's what happened this past summer (with a couple of doses of rational fear tossed in). I'm just saying, instead of the tired-old Oil Barron price gouging tirade, I would've liked to have turned on C-SPAN to watch a something like "the impact of fear on free markets".

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