Remember the price signals thingy?
Posted by Ron Coleman on December 4, 2008
I do! I was reminded by this post over at Rick Moore’s:
Back when the economic crisis first hit at the end of September, Donald Trump predicted that oil could fall to $20 a barrel. Gulf Oil thinks that’s where it’s headed:
RANDOLPH — Gulf Oil CEO Joe Petrowski said on Wednesday that the price of oil could sink to $20 per barrel, and there is a chance gasoline prices could drop as low as $1 per gallon by early next year. . .
Ah, yep. Sounds really familiar to me, theme-wise. Because here’s what I said in October in response to a surprising policy prescription urged by Glorious Leader:
BOB ZUBRIN: Obama’s Energy Plan a Mix of Bad and Good. “Moreover, there is one part of the Obama plan which is absolutely splendid, and that is his explicit promise to require flex fuel capability on all new cars sold in the USA by the end of his first term. This is indeed a potential real game changer, especially if the flex fuel standard is written to include not only automobile compatibility with gasoline and ethanol, but methanol as well.” You can make methanol from kudzu. ‘Nuff said.
Well, not ’nuff for me. What happened to the free market? Is it inconceivable that oil could be $40 a barrel at the end of Obama’s first term — and cars will either be X dollars more expensive because of this requirement, or perhaps won’t work right, or… whatever?
Whatever, indeed. We see how easy it is to fix massive policy problems merely by legislating a solution, right?
Right. Did I say “by the end of Obama’s first term”?