January 31, 2007

MEGAN MCARDLE: “Gasoline prices rose slightly a year ago from $2 to $3 (readers in Europe are snickering, or sobbing) and the media was filled with how awful this was and what oh what was the president going to do to bring prices back down? Now that gas is cheap again, the hue and cry is about how to get people to use less. In the garbled logic of politics, where human beings are unmoved by incentives, CAFE standards offer a ‘have your cake and eat it too’ promise — low gas prices and low gas consumption. Unfortunately, reality will assert itself and we will find low gas prices bringing high gas consumption, no matter what CAFE requires.”