Thursday, August 28, 2008

Quote of the Day

Worstall on energy windfall taxes:

We have high energy prices, certainly. This is because there are more of us who want to use cheap energy than there is cheap energy around. Prices thus do their magic thing and change so as to balance supply and demand. What we want to do to get out of this bind of high demand and low supply is to increase supply and reduce demand. Those backing a windfall tax and energy subsidies are proposing exactly the opposite. They're suggesting that we can solve high demand and low supply by reducing supply and increasing demand.

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