A couple of years ago many politicians and talk show hosts were loudly protesting the conspiracy by “Big Oil” to gouge the public of their hard-earned dollars by charging over $4 per gallon for gasoline. I remember Bill O’Reilly on Fox News vociferously stating that Exxon and other oil producers were horrible, greedy people.
The protesters would not acknowledge that free enterprise and world markets of supply and demand had anything to do with prices, only unbridled greed.
Now we have gasoline under $2 per gallon, marginal oil producers are struggling under bank debt to survive, and thousands of jobs in the industry are lost.
Where are the voices who screamed about the evil conspiracy? Politicians are silent on that subject now. Most people know that such conspiracies are fun to contemplate, but just do not exist.
The world marketplace is too complex, and the players are too diverse, each with a wide range of interests.
Such evil conspiracies can’t exist. The marketplace does exist, and eventually finds the right price for commodities based on how much demand there is, and what is the supply.
Cooper River Drive