May 02, 2008
Gas Prices (Partially) Explained

Co-blogger Wilson forwarded me the photo below. I'd suggest a couple of improvments--carve out 50 cents or so for taxes and a dollar or so for Ben Bernanke's debasing the dollar (see the 8th and 9th paragraphs of this WSJ editorial and the accompanying graph).

GasPrices.JPG

Posted by E. Frank Stephenson at 10:59 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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