Playing the Oil Card, Part Two

The Saudis are certainly under no obligation to help Americans get rich off their new oil output … and vice versa.

Individual governments can try to defend their people from the worst of energy—as well as other commodity—fluctuations, but in the long term the market tends to respond to supply and demand, not wishful thinking.

High and low prices affect the decisions of oil explorers and producers (not to mention consumers) in different ways.

In the 240 years since Adam Smith penned Wealth of Nations; individuals, industries and nations have tried to stack the deck in their own favor. It usually doesn’t work, and often fails spectacularly.