The price of gasoline is as low as it has been in five years. How did this happen? Was it the result of a socialist redistribution scheme, tax credits, or some kind of bailout? Was it because we punished corporate executives at the oil companies? Did we finally get those speculators under control? Did the federal goverment develop a new kind of energy-saving technology? Did we threaten to go to war with the Canadians unless they increased oil production? Was it something Obama did?
No, gasoline prices did not decrease because of government intervention. Prices went too high, demand went down, prices dropped. Economics 101.
The invisible hand of supply and demand works very well. But on the downside, when we let free markets solve our problems, politicians don't get credit and the news media don't get to write scintillating headlines demonizing corporate executives.
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A Saudi court has rejected a plea to divorce an eight-year-old girl married off by her father to a man who is 58, saying the case should wait until the girl reaches puberty... Please remind me why we care what this part of the world thinks about us?
Obama and a new Congress can’t forget about energy policy.
Obama worshipers: don't expect things to change overnight. Rice says Obama likely to follow Bush on foreign policy. Ms Rice’s words could damp expectations that the incoming administration will represent a complete break with its predecessor on foreign policy.
