This Is News?

At what expense did the government perform this grand gesture? Even though economists were shouting as loudly as they could, being the gentle creatures that they are, the powers in Washington could not hear them, so they ordered a study. And what did the study conclude? Exactly what the economists had been saying all along, and for free.

According to the Federal Trade Commission:

"The evidence collected in this investigation indicated that firms behaved competitively," the commission said.

Who would have guessed that the law of supply and demand was real and verifiable and quantifiable? Who would have guessed that the high price of gasoline is not an artificial creation of some Evil Cabal? Not the Democrats, apparently, who were quick to pounce on every open microphone and call out for an investigation into what surely was price gouging.

The Democrats have the likes of Chuck Schumer, that brilliant mathematician, to carry high the banner:

"It just defies belief that they didn't find price gouging because there is simply no price competition," he said. Mr. Schumer said that the Senate "could do a lot if it had the backbone."

Just as it is hard to believe that the demand for oil in China and India could possibly have anything to do with an increase in demand. Just as it is hard to believe that the oil cartel only pumps a limited amount, creating a static supply. I suppose those Cartesian coordinates are a bit much for Mr. Schumer, trying to figure out which line is supply and which is demand and where the price comes into the equation.

Want to lower the price of gas? It's been suggested that the summer blend be made the same for the whole country, rather than insist on a special formula for nearly every city, town and hamlet across the country. But no, we can't do that because that makes too much sense.

What if Congress were to lower the taxes on a gallon of gas? Sweet God in Heaven, have I lost my mind to suggest such a thing? Lower taxes? Unheard of. Better to blather on and on about price gouging until the less well-educated constituents at home believe that the high price of gas is the fault of some evil corporations. That way the members of Congress can look like they're doing something, which is to complain and rant, without having to acknowledge that market forces take heavy work to tackle. Bring down demand and the price will drop. So simple. Yet so difficult to do.