Always a source of common sense, the W$J’s George Melloan passes along this timely column today in which he patiently explains that demagogic calls for more control of energy markets is precisely the opposite approach that legislators need to be taking in response to rising energy prices. In so doing, he passes along this pearl of simple wisdom, which the confused Bill O’Reilly could really use:

But it’s also deplorably true that when constituents complain about soaring prices of natural gas and gasoline, [politicians seeking more regulation] have a ready scapegoat, “the giant oil companies.” Anyone still buying that line should ask himself why the “giant oil companies,” with all their market power, somehow couldn’t prevent crude oil from collapsing to $10 a barrel a few years ago.