The seductive lure of a command economy is the illusion that something useful is accomplished by administrative tinkering with price. I’m sure the central government in China went to sleep tonight believing they successfully addressed a problem troubling the country.
China, Others in Asia Raise Gasoline Prices: China has increased gasoline and diesel prices for the first time in more than a year, as shortages disrupt transportation in the south of the country. … In southern China, long lines have formed at gas stations because of gasoline and diesel shortages. Some stations have had to shut down after certain oil refiners suspended operations due to rising crude oil costs.
Exxon Mobil's quarterly net falls 10%: Exxon Mobil Corp.'s third-quarter profit fell 10%, its biggest year-over-year decline in three years, as the rising cost of crude-oil needed to supply its vast refining business outpaced the price the petroleum giant could fetch for its finished products.
Reagan 21: Be a Part of It: Energy: America must become Energy Independent to secure our nation and our economic future. Our policy initiatives include tax incentives for conservation and innovation in alternative fuel technology, environmentally responsible increase in domestic oil production, reducing cumbersome regulations, eliminating boutique fuels and building more refineries.