The $25/bbl legacy

Hey, Mr. President! Yes, you: Bill Clinton. A minute of your time, please.You've been telling leaders of countries like Saudi Arabia and Nigeria that the price of crude oil should be $25/bbl. This is tricky business.See, everybody does best when the market, not government leaders, determines what the price of oil should be. Producers, consumers-everybody. Government leaders never get it right. Look at OPEC: Every price target the group ever set-smoke and ashes.DeregulationIt's history, man. Letting the market set oil prices was an early US step toward deregulation, which made possible this unprecedented economic expansion that shows no sign of letting up. Who cares whose political...

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