EDITORIAL: The 'price-spiral' study

The Consumer Federation of America's disquisition on what its title calls "the gasoline price spiral" arrived in time to be torpedoed by the market. The academically detailed case for nationalization of the US refining industry frets vigorously over "the upward spiral of gasoline prices," which are now spiraling downward.The CFA analysis is more sophisticated than most such appeals for government action. But it overlooks too much and makes ludicrous recommendations.It also contains outright howlers. For example, it proposes to resolve the presumed inadequacy of US refining capacity by restarting 15 of the 50 plants estimated to have been shuttered during the 1990s. "Placed in the cont...

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