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Monday, September 12, 2005

Stupid Government Tricks Are Coming

Paul Jacob advises on the prices of fuel oil and the foolishness of the Hawaii price control scheme:

Robert L. Bradley, Jr., president of the Institute for Energy Research, notes that though crude oil prices have increased above their historic average by a whopping 185 percent, gasoline prices have increased by only 25 percent. Increased efficiency in refining and transportation and marketing have actually decreased the margins for profits off of each barrel of oil. It looks like the increased profits of the oil refineries rest on that old principle of business: volume, volume, volume. Oh, and efficiency, too.

But those are mainland statistics. Are things different back on the distant island of Hawaii? Well, gasoline prices are higher, naturally. It's an outpost, so increased costs of transportation alone should lead to higher prices for consumers. Though the prices appear to be as natural as anything in society, Democratic politicians have been listening to the complainers. (I guess whining is natural, too.) And they've gone and done something. That's the biggest difference so far.

Scott Foster of Advocates for Consumer Rights, one of the groups that pushed the Hawaii oil cap bill, declares that his harebrained notion is "a grand experiment," and that his "hopes are very high." Looking to spread the gospel of regulation, he added, "If this bill works here, there are a lot of other states that are watching it and might do likewise."

When the electorate yells "Just do something!", hold onto your wallets and expect things to get worse.

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