The Editor's Perspective: Market answers all questions about gasoline prices

Regulation in the US has raised the cost of making gasoline. It has created distribution bottlenecks. It has necessitated new seasonal turnover of inventory.Demand for gasoline, meanwhile, is rising. And the price of crude oil shows no less inclination to fluctuate now than ever.So why is it difficult for politicians to understand change in the retail price of gasoline?Sen. Carl Levin (D-Mich.) did nothing to demystify this not-so-mysterious subject during hearings this week of the Senate's Permanent Subcommittee on Investigations, which he chairs.The title of an underlying subcommittee report sets the tone: "Gas Prices: How Are They Really Set?"This should not be a question.Gasoline ...

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