Editorial: Perils of policy

Yes, relentlessly increasing demand for oil is straining capacities of global supply systems, from production to refining to shipping. And, yes, governments should react to the inevitable pressures on price. But any reactions by governments must aim at fortifying, not replacing, market responses. In most cases, that means getting out of the way.The International Energy Agency implied something different in the March edition of its closely watched Oil Market Report.“The reality is that oil consumption has caught up with installed crude and refining capacity,” IEA noted. “Refiners are already competing to secure crude for the second quarter to rebuild depleted distillate s...

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