From WSJopinion: If you suspect $5 gas is due to the U.S. and the world keeping Russian energy off the market, think again: The U.S and its allies have largely failed to keep Russian oil off the market, writes Holman W. Jenkins
Journal Editorial Report: The president says prices aren't his fault. Images: AFP/Getty Images Composite: Mark KellyActually, today’s oil price isn’t that high. The recent peak of $128, after inflation, is still $33 lower than the price in April 2011. For all the talk of Ukraine, 55% of the current increase since last December occurred prior to the Russian invasion.
So something else is going on and that something is a normal adjustment to an abnormal event: a two-year global pandemic that knocked gasoline demand for a loop. It caused dozens of refineries to be idled, some of which were so creaky that it made no sense to
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