April 23, 2012
Defending those eeevil speculators!
All the cool kids are doing it!
Here I have a modest suggestion. If Representative [Joseph P. II] Kennedy knows a way to go out and produce another barrel of oil somewhere in the world for $11 a barrel, he would do a world of good if he would actually go out and do it himself, as opposed to simply asserting confidently in the pages of the New York Times that it can be done. People with far more modest fortunes than Kennedy inherited are out there using their resources to try to bring more of the physical product out of the ground.
The whole piece is great. He asks the Kudlow question, viz., Whyizzit that speculation drives crude prices up but natgas prices down? Only one side is evil?
Some sense and clarity for your Monday -- Hat-tip: Mankiw.