Seeking scapegoats

Patrick Crow Washington, D.C. Some U.S. producers think dismal oil prices are partially the result of market manipulation by foreign producers. Oklahoma Gov. Frank Keating recently told the National Governors Association foreign producers are dumping crude "considerably under the cost of production...with the avowed purpose of taking 1 million b/d off the U.S. market." In an appeal to Congress, the Independent Petroleum Association of America said low oil prices have exposed "an issue that has long been unstated-whether foreign producer nations would try to use their production cost advantage to undermine U.S. production capacity." And ...

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