Why Bernie Sanders Is Wrong About Gas Prices
When lawmakers propose solutions to complex economic problems, the first requirement should be a clear understanding of how those problems actually work. A recent Facebook post by Bernie Sanders comparing today’s oil and gasoline prices to those in 2011 suggests that oil companies are “ripping off”
When lawmakers propose solutions to complex economic problems, the first requirement should be a clear understanding of how those problems actually work. A recent Facebook post by Bernie Sanders comparing today’s oil and gasoline prices to those in 2011 suggests that oil companies are “ripping off” consumers. The logic is straightforward: if oil prices are roughly the same, gasoline prices should be as well. If they aren’t, someone must be taking advantage. It’s an intuitive argument, but it misses important elements…