Re "Surging Gas Prices Pump Up Political Debate," March 31: Isn't it funny how the free-marketeers become market interventionists when the shoe is on the other foot? OPEC's decisions on oil pricing reflect a classically elegant interpretation of market theory: When you have an inventory of something that is in high demand and short (and in this case, diminishing) supply, you don't sell it off as fast as you can at bargain-basement prices, especially when it's the only inventory you have.
No, you charge what the market will bear, and you husband your inventory so it will last as long as possible. I suppose our ultimate answer to OPEC will be, as in Iraq, to break into the store with guns and take what we want. Not very pretty, but it is our traditional way of doing business.
Well, let's see, OPEC has agreed to cut its oil production because it says members have been exceeding current agreed-upon levels in an attempt to take advantage of already historically high prices per barrel. Economists around the world have agreed that this could push the price per barrel to $40 or more. So who suffers? Everyone but the OPEC members and the big oil companies. When this happens we can kiss this dubious economic recovery and the nonexistent job recovery goodbye.