The gas price manipulation boogeyman returns

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By Bill Wilson — Another price shock in oil and gasoline prices, with oil above $100 a barrel and gasoline marching steadily to $4 a gallon nationally, would not be complete without Democrats again waiving the speculators’ card.

The latest peddler of this myth was none other than Calif. Rep. Xavier Becerra, vice chairman of the House Democratic Caucus, who told a press briefing on Capitol Hill: “It isn’t a shortage of gasoline, it’s a manipulation of the gas prices. You have got to go after the gougers, you have to make it so that they can’t win.”

This followed House Minority Leader Nancy Pelosi’s Feb. 22 assessment of rising oil and gas prices: “We need to take strong action to protect consumers from this speculation.”

Meanwhile, the Obama Administration has accounted for rising prices by market forces, saying alternatively that it’s because the economy is recovering and includes increased demand overseas, particularly China.
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Politicians who wish to truly address these price shocks ignore inflation and the weak dollar at their own peril.

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