[marketcorrection] Don Boudreaux: Permission??

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Posted by Don Boudreaux:
Permission??
http://marketcorrection.powerblogs.com/posts/1194995135.shtml


   29 March 2007
   News Editor, WTOP Radio
   Dear Editor:
   The listener who asserts that rising tensions with Iran "are no
   reason" to "permit" oil companies to raise gasoline prices is
   misguided (March 29). First, in a free society businesses need no
   official permission to raise prices. Second, tensions with Iran in
   fact make future oil supplies less certain - meaning, oil becomes more
   precious. That's the unfortunate reality. Higher gasoline prices not
   only reflect this reality, they also prompt drivers to conserve
   gasoline more assiduously.
   Sincerely,
   Donald J. Boudreaux
   Chairman, Department of Economics
   George Mason University