One of the boogymen of the ’08 election has redeemed itself in the eyes of President-elect Obama, at least for now. The oil companies are no longer in the crosshairs of the Obama Administration because the price of a barrel of oil has dropped to an arbitrary point in his head, $80, that he no longer feels the need to punish them. That is change we can believe in!
The free market brought down the price of oil, not government intervention or the threat of it. While the end result is a good one, the interventionist instincts of the President-elect are disturbing. We hope he learns the right lessons from this, but somehow think he won’t.