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Price Gougers, Doomsters, And Cornucopians

October 29, 2011
By Dan McLaughlin , The Post-Journal

My son called the other day to report that the price of gasoline where he attends college is $3.15, a sharp drop in price from where it peaked. It conjured up memories of arrogant politicians threatening evil oil companies with prosecution for price gouging not long ago. They proposed that oil companies could arbitrarily raise prices and increase profits, regardless of what happened in the market. Whether you love or hate the oil companies, whether or not they were colluding, it is obvious that, if they were able to arbitrarily set prices to jack up their own profits, they would be doing so now, instead of letting them drop $1.50 per gallon. In reality, every company that does not enjoy a government-protected monopoly is subject to the laws of supply and demand.

 
 

 

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