Economic amnesia

Last year was one of the most volatile business environments for the oil and gas industry. A number of events especially influenced the business of refining, most notably the shut-in of a large amount of US capacity due to Hurricanes Rita and Katrina and the subsequent spike in gasoline prices.Many oil companies reported record profits in subsequent months, and, whether accurately or not, many consumers believe that the high gasoline prices and possible price gouging were a direct cause. US lawmakers also got into the act by holding hearings that claimed oil companies were making windfall profits.A recent study by analysts at the Cato Institute debunks these claims and argues against oil ...

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