Harry Truman said he wanted a one-armed economist. All his economic advisors would discuss an issue at length, and tell him what he wanted to hear, but they would continue with “on the other hand…”
The basic rules governing economics are pretty simple, but the number of variables that must be considered is staggering. I’ve made a few feeble attempts at understanding. When crude oil prices rise, I know that gasoline prices will go up. And when crude oil prices drop, gasoline prices go… up.
Prices jumped nearly 11 cents over the past two weeks to $2.35 for a gallon of regular-grade gasoline, even though the price of crude oil dropped, a national survey said Sunday.
…
The price rise came even as the cost of a barrel of crude fell from $62.91 on February 24 to $59.96 last Friday — a 7-cent-per-gallon drop.
I do believe the oil companies have found themselves a one-armed economist.
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