Editorial: A market breather

Calls last week for a production increase by the world's major oil exporters sounded silly. Prominent among them was one from the Democratic presidential challenger, Sen. John Kerry of Massachusetts. A Mar. 30 campaign initiative trumpeted as "John Kerry's plan to lower gas prices" pointed to the next day's meeting of the Organization of Petroleum Exporting Countries in Vienna and declared, "A Kerry administration would act immediately to exert pressure on OPEC to abandon its cut in output quotas and instead increase oil supplies."This assertion teeters on two weak presumptions. The first is that OPEC should refrain from reducing supply as demand enters a seasonal decline. The...

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