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What Is A Gas Price Spike?

January 28, 2012
By Daniel McLaughlin , The Post-Journal

Dennis Kucinich and five other Congressmen are again pushing for a windfall profits tax with teeth. Or maybe it's just a convenient way to extort campaign contributions from the oil-and-gas industry. Either way, they have recently sponsored a bill to Congress called the "Gas Price Spike Act of 2012." It is the old theme that politicians know the correct prices, how much profit a company should earn, what kind of cars that people should drive, and how we should get to work and the grocery store. The right price, however, cannot be known by any politician. Even a trainload of brilliant, highly trained economists with the most powerful computers could not know what the right price is. Prices arise from the day-to-day interactions of all participants in a free market, which is itself a dynamic, constantly evolving discovery process.



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