A Slick Profit Opportunity

by Don Boudreaux on June 5, 2004

in Prices

Former presidential candidate John Anderson is among the throngs of pundits, politicians, professors, and other geniuses who are aware that oil markets suffer from chronic excessive optimism. “Gas prices are too low,” Anderson confidently asserts. (Of course, he believes that the appropriate solution to this unhappy situation is a higher tax on gasoline.)

If producers, traders, and merchants in energy markets are so uniformly ill-informed about the true state of oil and gasoline supplies – indeed, so ill-informed that even non-experts such as former Members of Congress and op-ed writers notice their error – surely Mr. Anderson, David Ignatius, and others who are convinced that the price of oil is too low will load up on crude-oil futures and make enormous fortunes.

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