Stepping on Gas

Down in the pleasure center
Hell bent or heaven sent
Listen to the propaganda
Listen to the latest slander
--Elvis Costello

...Speaking of oil, the administration announced this morning that, as part of the accumulating pile of sanctions levied against Russia, the US would ban Russian oil and gas imports (which amount to about 10% of total imports). Crude immediately shot higher on the news.

Domestic gas prices are now at record highs. In some places they are touching $7/gallon.

Two observations. One is that much of the recent craziness in commodity prices can be attributed to government intervention (read: force). Regulation, tariffs, sanctions, war of course. What we are seeing is not the outcome of people voluntarily and peacefully engaging in production and trade.

Stated differently, the craziness has been imposed.

The second observation is that, for an administration seeking to boost sagging poll numbers, forcibly raising gas prices in front of voters seems a strange approach...

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