Oh, great
Three books to look forward to

The House of Representatives hard at work

The House passed a bill "allowing the Justice Department to sue OPEC members for limiting oil supplies".

Oh yeah, that'll work.

"The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation."

Which DOJ has been doing off and on for 35 years. But hey, if at first you don't succeed, try, try again. (But then quit; no use being a damn fool about it.)

(Link provided by Richard Warr.)

Better analysis of high gas prices is provided by John Lott:

Senator Obama sees part of the solution in a massive windfall tax on American oil companies. Putting aside the fact that having politicians blame oil companies is a bit hypocritical — U.S. oil companies have paid more than three times in taxes to the government than they have earned in profits over the last 25 years — higher taxes on profits will reduce production and increase prices. A higher tax on profits will mean fewer investments in producing oil and that in turn will mean less production in the future.

Ironically, Democrats won the 2006 elections and took control of both the House and the Senate by promising they would reduce gas prices. Yet, with regular gas now selling above $3.67 a gallon, Americans can only longingly remember the average prices of about $2.20 a gallon that Democrats were complaining about in early November 2006. The Democrats’ bigger sin is that they seem to have no understanding of how markets work.

Better--as well as funny--analysis is also provided by Mark Steyn.

But, before we start suing distant sheikhs in exotic lands for violating the NOPEC act, why don't we start by suing Congress? After all, who "limits the production or distribution of oil" right here in the United States by declaring that there'll be no drilling in the Gulf of Florida or the Arctic National Mosquito Refuge? As Rep. Wasserman Schultz herself told Neil Cavuto on Fox News, "We can't drill our way out of this problem."

Well, maybe not. But maybe we could drill our way back to $3.25 a gallon. More to the point, if the House of Representatives has now declared it "illegal" for the government of Saudi Arabia to restrict oil production, why is it still legal for the government of the United States to restrict oil production? In fact, the government of the United States restricts pretty much every form of energy production other than the bizarre fetish du jour of federally mandated ethanol production.

Finally, for a bit of optimism, see the UK Telegraph's "Oil's Perfect Story May Blow Over".

Comments