The editorial board of The Wall Street Journal understands the fundamentals of the energy price crisis pretty well: politics.
Oil prices hit $75 a barrel last week, while gas has reached a national average of about $2.85 a gallon. The Republican response has been to put on Chuck Schumer and Nancy Pelosi fright wigs and shout about corporate greed and market manipulation....Posted by Alan at April 25, 2006 12:04 PMThe last time the U.S. had a gasoline panic, in the wake of Katrina, some quick Bush Administration action and private ingenuity eased the problem in record time. Gasoline prices that had climbed above $3 a gallon quickly settled back closer to $2. Markets will make the same adjustments today if they are allowed to send price signals without Congress getting in the way.
Republicans can blame business all they want for high prices, but sounding like liberal Democrats won't save them in November.