A couple of days ago, this NY Times editorial dusted off about every archaic economic theory of the Carter Administration to promote a windfall profits tax on energy companies. So, I was thinking about doing an Econ 101 post pointing out how the Times’ position would actually make things much worse than they already are, which is really not all that bad (have you noticed what’s been happening to the price of oil and natural gas over the past week or so?).
Then, somewhat surprisingly to me, I came across this Washington Post editorial that does the job for me.
I don’t know about you, but I find it quite refreshing that the Washington Post editorial page has come to understand that the market is much more effective than government in dealing with energy supply reductions.