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Complexity vs. demagogy

06/06/2011
In sympathy to everyone worried about high prices, it must be said that the oil market has been especially bewildering lately. But that’s no reason for anyone to accept demagogy.US Sen. Charles Schumer (D-NY) parlayed confusion into farce on May 31 when he announced in a press release that he had signed a letter to the Federal Trade Commission 2 weeks earlier demanding an investigation of refiners.Instigated by Sen. Claire McCaskill (D-Mo.), who said she was responding to a newspaper article, the missive expressed suspicion about high gasoline prices, refining margins, and oil company profits coincident with low refinery utilization and gasoline stocks.“The idea that refiners ...
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