Donald Johnson

Only These Three Things Can Halt Oil's Advance

Remember when the left wanted to slow oil consumption by imposing a 50-cent tax on gasoline? When was that , a couple of years ago? Now we have $4 gas and rising, the equivalent of a $1.50 to $2 tax.

And, wonder of wonder, the markets are working. Americans and Europeans are cutting consumption, and according to today's Financial Times, Asian countries finally are cutting the subsidies that have made their consumers so price insensitive. For years Russia, Iran and Opec have been manipulating the markets to get higher prices.

Now the Asian, American and European governments are counter manipulating prices with the help of their consumers. Guess who will win.

It won't be the bulls.