Tuesday, April 25, 2006

Our Following Keeps Growing and Growing...

Our blog reaches new and bigger audiences everyday. Just take a look at the Wall Street Journal's editorial page today: Headline Denny Pelosi; Description: Gas prices rise, and Republicans sound like Nancy Pelosi (Article here; may require free registration to read it).
Sample lines from the article: "If blaming private industry for Congress's own energy mistakes is the best the GOP can do, no wonder its voters may sit out the November election."
"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. House Speaker Denny Hastert and Senate Majority Leader Bill Frist fired off a letter to President Bush yesterday demanding the Federal Trade Commission and Justice Department investigate "price fixing" and "gouging." Senator Arlen Specter wants to go further and impose stricter "antitrust" laws for oil companies, as well as a "windfall profits" tax. Mr. Hastert also delighted the class warriors in the press corps by lambasting recently retired Exxon CEO Lee Raymond's pay "unconscionable." There's been unconscionable behavior all right, most of it on Capitol Hill. A decent portion of the latest run-up in gas prices--and the entire cause of recent spot shortages--is the direct result of the energy bill Congress passed last summer. That self-serving legislation handed Congress's friends in the ethanol lobby a mandate that forces drivers to use 7.5 billion gallons annually of that oxygenate by 2012."
And, the money line: "In short, the only market manipulation has been by politicians. For the record, the FTC has an entire crew that pores over weekly average gas prices in hundreds of cities, looking for evidence of gouging--to no avail. Perhaps this is because no oil company controls enough of the market to exercise enough power to raise prices. The Hastert-Frist call for an investigation is nothing but short-attention-span political theater."
Yet another reason to read this blog: what we debate today will be in the national papers tomorrow. I will let you decide if Lt. Dan actually wrote the article for the WSJ or not.

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