Velvel, the Misfit

I was watching CN8 on Sunday a.m. this past weekend, and the Dean of the Massachusetts School of Law, Lawrence Velvel, author of 'Misfits in America', hosted a program dissecting gasoline prices and the various forces at work. Not surprisingly the conventional cries of "It is supply and demand, stupid" were shown to be false. (Last week on the 'The Daily Show' Jon Stewart knelt before the altar of the WSJ and one of its editors(?) who trotted out the ECON 101 storyline. I was disappointed Stewart wasn't more prepared to refute her argument/explanations.) And sadly, quite the opposite was posited as true; that America is in fact flush with supply.

So when you hear about tax rebates and halting ethanol tariffs and other such poppycock, know that the solution is well within our means. Too bad the oil companies have politicians, the mass media, and commodity markets in their back pocket.

Fact: Energy futures' markets were created by energy companies in the early 1990s because they recognized the opportunity to make tremendous amounts of money.