If you suffer a heart attack but your doctor thinks you've got a nasty case of indigestion, the medicine he prescribes probably won’t cure you. The same applies to policy-making and legislating: Misunderstand the problem, and you’re likely to come up with a useless — or damaging — response.
One week ago, when oil prices reached their current peak, Iran’s oil minister, Rostam Qasemi, said that crude oil ought to be at least $150 a barrel. The reason? “Current oil prices were not high enough to threaten the world economy.”
So there I am, pulling into a gas station in my town, and Tarek is smiling. He owns the station, and right now he's charging me $4.25 a gallon. American motorists may not be better off than they were four years ago, but Tarek certainly is.
By now, anyone watching the political debates over the Keystone XL pipeline is aware of the massive misinformation campaign that opponents of the project have used to delay that critical project.
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