MIT Professor of Economics Emeritus Says What the Real Problem Is

Tuesday, January 1, 2013

M.A. Adelman, the MIT professor, wrote:

"The real problem we face over oil dates from after 1970: a strong but clumsy monopoly of mostly Middle Eastern exporters cooperating as OPEC...Price fixing by private companies on the OPEC scale would not be tolerated in any industrial country. In the United States, the officers of firms that engage in such activities go to jail. But the OPEC members are sovereign states, subject to no country's laws."

- Quoted from the book, Petropoly, by Anne Korin and Gal Luft.

This is, in fact, the real problem: We are victims of an illegal fuel monopoly. But the Open Fuel Standard can solve this problem cleanly and efficiently. And it won't cost taxpayers any money. It is not a subsidy or handout. It's a simple change of policy. It is doing what governments are supposed to use their power for: Preventing monopolies from stopping free market forces from doing what they do best.

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