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June 07, 2008

It's ALL a conspiracy

Fawkes Ho-hum, another day, another conspiracy theory article in the Freeps about the rising price of oil.  George Cameron believes it has all been a plot by the eeevvviiilll Bush Administration to enrich themselves and that more government investigations and government intervention - a la Bernie Sanders - is required.  Oddly missing from his article is any notion whatsoever that economics, specifically supply and demand, may have something to do with the increases.  But reining in "speculators" won't reduce the price of oil.  As last week's issue of The Economist points out clearly, there are numerous commodities that are not traded in futures markets whose prices have soared far more than oil..   Mr. Cameron is correct that no new refineries have been built in this country in 30 years, which obviously restricts the supply of refined products like gasoline and heating oil. No doubt, that's part of the conspiracy, too.

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