Protesting Gufus
The Exxon shareholders meeting held in Dallas today is the latest opportunity for economic gufus (or gufusses, if you prefer) to demonstrate their practically omnipotent ability to ignore reality. The Dallas Morning News describes the context of the meeting and mentions some of the conflict here.
Protesters believe gas prices are too high. Here’s the reality. When gas prices are too high, people will stop buying gas–or at least buy significantly less of it. And as the demand goes down, so will the profits of the companies selling it. If people are willing to pay $4/gallon to drive to their Memorial Day weekend getaway, then gas prices are not too high for them. If a man takes his car to work every day instead of the bus, Read the rest of this entry »
