Identical forces move prices of oil and oranges

02/05/2007
The price of oranges is about to triple in the US, and nobody’s complaining.After all, complaining can’t change anything. Freezing weather in California and other citrus-growing areas has damaged winter crops. Shortage looms.According to a marketer of Californian citrus products quoted in the Houston Chronicle, an orange that recently cost 50¢ soon may cost $1.49.There will be no howls about “price-gouging,” however. Congress will summon no citrus growers to accusatory hearings. Newspapers will not write stories about some past conversion of orange-producing land to other use and call it price manipulation.Americans reserve their vicious suspicion for oil.They...
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