May 28, 2008

Ed Wallace wrote a very interesting article, showing how the rise in oil prices are not really the result of oil shortages, but of withholding oil from the market to create man-made "shortages." I recall this happening in the early 1970's in the so-called "oil embargo" that doubled gasoline prices. Once the prices doubled, then the tankers unloaded their oil that had been sitting in the harbor for weeks, awaiting higher prices.

http://www.star-telegram.com/ed_wallace/story/651928.html