Editorial: Why fuel prices are high

Unless economic weakness quickly turns into recession, gasoline prices in the US, which are already high, will rise during the summer driving season. Much confusion exists about why this is so. If the misunderstanding persists, the threat is great that political mistakes compelled by public outrage will aggravate the reasons prices are high.Confusion flows from two faulty assumptions. One is that the high prices of refined products result mainly from production restraint of the Organiza- tion of Petroleum Exporting Countries. The other is that 10 years of warnings about overregulation of fuel chemistry amounted to bluff.BottlenecksAt present, the price of crude oil is secondary to product...

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