THURSDAY MAY 22
All Oil, All The Time

Why doesn’t the president of the United States of America just DO something, Richard Durbin, the whip-smart Democratic Senator from Illinois wants to know? “It strikes me that this is the right situation for a president to step in,” Mr. Durbin says (referring not to the presidents of Big Oil, but the all-powerful forces of Dubya). “I think the president should be calling you all before his little meeting place, the White House, and talking about what you are doing to the American economy.” Oooh, that sounds like it might work. As consumers and government officials work themselves into a tizzy trying to blame high oil prices on somebody (anybody), one report surfaces today that purports to have the answer: this is clearly the fault of those pesky traders and their wrongheaded bets. Of course. Why didn’t we think of that?

May 2008

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