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Oil price extremes do not repudiate US ‘deregulation’

01/12/2009
A popular belief deserving stern resistance holds that oil price extremes of 2008 justify the revival of aggressive market regulation.According to this view, the painful levels oil prices reached in the first half of last year testified to the failure of deregulation; therefore, the government must intensify its incursion into energy markets.This reading of things takes a short, skewed view of deregulation.If price is the only gauge, what might be called the era of deregulation in the US was in fact more beneficial than not.To the extent that the US actually deregulated energy markets, the legislative and regulatory adjustments occurred during the 1980s, in the latter half of which, oil p...
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