Oily politicians

If there is anything worse than partisan demagoguery, it is bipartisan demagoguery. Republican leaders have now joined the Democrats in blaming the oil companies for the fact that prices rise when demand expands more than supply.

Prices have been rising under these conditions for thousands of years, long before there were any oil companies. This has happened with everything from food to furs and it has happened among people in every part of the world.

What has also happened in recent times has been that higher gasoline prices bring outraged charges of "gouging" by Big Oil. Some of the most emotionally powerful political words and phrases are wholly undefined -- "exploitation," "greed," "social justice" and the perennial favorite, "gouging."

Thomas Sowell weighs in on the economics and politics of oil pricing.