Crude Economics
Driving through Beverly Hills the other day a sign caught my attention. In the visually cluttered metropolis of Los Angeles, that a sign was noticeable is interesting in and of itself. That the sign was from a gas station is even more surprising. That it listed gas at $5.05 per gallon was shocking. This station is in the heart of Beverly Hills, attendants help fill the tank and it was for premium grade. Regular was a bargain at $4.99. It got me to thinking about Michelle Bachman’s promise that if elected she’d bring back $2 gas. Democrats and comics had a field day. The idea that the President could impact gasoline prices is just preposterous! Right? Don’t tell that to President Ford who created the Strategic Petroleum Reserve in 1975 as a response to the 1973 oil crisis. President Clinton stopped stocking the reserve in 1995, redirecting the funds to other energy projects. President George W Bush (#43) was the first President to tap the Reserve in 2001 as way to “provide e...