Is thinking obsolete?
by Thomas Sowell
Amid all the hysteria among politicians and in the media over rising gasoline prices, and all the outraged indignation about oil company profits and their executives’ high pay and lavish perks, has anybody bothered to even estimate how much effect any of this actually has on the price we pay at the pump?
If the profit per gallon of gas were reduced to zero, would that be enough to reduce the price by even a dime? If the oil company executives were to work free of charge, would that be enough to reduce the price of gasoline by even a penny a gallon?
Surely media loudmouths making millions of dollars a year and the multibillion dollar TV networks they work for can afford to get some statistics and buy a pocket calculator to do the arithmetic before spouting off nationwide.
But this is the age of emotion, not analysis.
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May 11th, 2006 at 5:11 pm
I love Thomas Sowell! I wish more Republicans in office had some of his smarts, as well as his good old common sense.
Wasn’t it Thomas Sowell who said: “There’s nothing worse than partisan demagoguery, except for bi-partisan demagoguery.”? And God knows, there’s been an over-abundance of both in Washington, where the subject of high gasoline prices is concerned. It’s really maddening!