NYT Recognizes Relationship Between Supply and Price
The NYT published an editorial over the weekend praising President Obama for releasing tens of millions of barrels of oil from the Strategic Petroleum Reserve: "It should provide a modest boost to the American economy. It will help consumers at the pump as they head into the summer vacation season. And it sends an important message to the Organization of the Petroleum Exporting Countries that the United States is capable of protecting its domestic market, at least in the short term, even when those countries refuse to increase production."
A recognition that supply impacts price, and the economy? Maybe we should consider similar support for increasing our domestic production ...
