What energy crisis?
I HAD this column all figured out. “Good news,” I was going to begin. “Gasoline prices are up. And why is that good news? Because it means more gasoline is on the way — and more gas means cheaper gas.” I intended to explain that prices were high because supplies of fuel were tight. But those higher prices, I was going to predict, would spur energy companies to increase production, build up inventory, and resupply dealers as quickly as possible. And as increased supplies flowed into the market, prices would begin to fall. In truth this is nothing but the law of supply and demand, but I would have looked wonderfully prescient when pump prices started coming down after my column appeared. Unfortunately for my chance to pose as a seer, the free market beat me to the punch. “Gasoline prices took a blow, falling to a three-month low as supplies rose amid record production,” The Wall Street Journal reported in its commodities column the other day. “Increasing supplies, combined with easing d
