From the WSJ's Morning Brief:
"My constituents and, I believe, most Americans think that somebody rigs these prices; that in the process, somebody is getting ripped off; and they think it's them, the constituents who ask me and the constituents of America who ask this question. So I want to ask you -- and please, in the few minutes you have, somebody describe in detail how the price of oil is set, because I close by saying if that is not rational, then are you rigging the price of oil or is somebody rigging the price?" Republican Sen. Pete Domenici asked of top executives of BP, Shell, ExxonMobil, Chevron and ConocoPhillips yesterday in a hearing on oil prices.
Insert your preferred exclamation (no profanity please) here (e.g., "Jeez-o-pete!"). My guess is that Senator Domenici has a staffer that could tell him that supply and demand forces set oil and gas prices. My other guess is that Senator Domenici was trying to score some political points. But, that's just me being my cynical (sleep-deprived) self.
I heard that the next question went something like this:
So I want to ask you -- and please, in the few minutes you have, somebody describe in detail how you make a peanut butter and jelly sandwich ... with the crusts removed. My constituents, and I, demand to know."
The Reinforcements (from Econbrowser): Senate Finds the Facts about Big Oil