Excerpt Of The Day #1: Walter Williams On Oil Prices

by John Hawkins | October 30, 2008 9:11 am

Walter Williams, who may be the single most underrated conservative pundit, made a brilliant point about oil prices[1],

Since July this year, crude oil prices have fallen from $147 to $64 a barrel. Similarly, average gasoline prices have fallen from over $4 to a national average of $2.69 a gallon. When crude oil and gasoline were reaching their historical highs, Congress and other wackoeconomists blamed it on greedy oil company CEOs in their lust for obscene profits. But what explains today’s lower prices? The only answer, consistent with wackonomic theory, is easy: Oil company CEOs have lost their lust for obscene profits. Or, maybe, since many of these CEOs are getting up in years, they might have begun to heed Matthew’s warning (19:24), “It is easier for a camel to go through the eye of a needle than for a rich man to enter into the kingdom of God.”

Conservatives have said that the price of oil was so high because of market forces, including the cost of a barrel of oil. Democrats have said oil prices were so high because oil companies were unconscionably gouging us.

Well, the price of a barrel of oil has plunged and guess what? Gas prices have plunged, too. Who does that suggest was right in the first place?

  1. made a brilliant point about oil prices: http://townhall.com/columnists/WalterEWilliams/2008/10/29/wackonomics

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