The Wall Street Journal on Obama’s economics flub:
The “psychological impact” to which McCain refers is quite simple: The expectation of greater oil supplies in the future would make it more attractive to sell oil now, when supplies are restricted and prices are high, thereby bringing prices down in the short term.
Is Obama really too ignorant to grasp this, or does he just think voters are?
Ladies and Gentlemen, Senator Barack Obama! The man that wants to lead our nation; restore our economy!
Why is the price of Oil so high? Speculation? Not so much. Weak dollar? Getting warmer. Supply and demand? Warmer Still. The anticipation of static supply and high demand? Bingo!
I saw no mention of “ineluctible forces of history” or, for that matter, the Inaudacity of Hopelessness.
Get ready to have to spend a lot of time explaining basic economics to people.