The Elusive Giffen Good, Once Again

House Passes Dem Resolution to Block U.S. Military Action Against Iran In Narrow Vote The U.S. House of Representatives passed a resolution on June 3 directing the withdrawal of U.S. troops from armed hostilities with Iran, in a closely divided 215–208 vote. Four Republicans joined Democrats in supporting the measure, which invokes the 1973 War Powers Resolution to require President Donald Trump to either end the operations or seek explicit congressional approval to continue them. The resolution comes amid ongoing tensions in the region. Although Washington and Tehran announced a ceasefire on April...

Last week “Secretary of War” Pete Hegseth insulted Americans by claiming that a 50 percent increase in the US military budget – from an incomprehensible one trillion dollars to an impossible one and a half trillion – was a “fiscally responsible investment.” “Thanks to President Trump’s $1.5 trillion defense budget, this War Department has moved […]

Why Bernie Sanders Is Wrong About Gas Prices Authored by Robert Rapier via OilPrice.com, Gasoline prices can diverge sharply from crude oil prices due to refining and logistical constraints. Tight refinery capacity and geopolitical disruptions have created bottlenecks throughout the fuel supply chain. Policies that discourage energy infrastructure investment could worsen future fuel price volatility. When lawmakers propose solutions to complex economic problems, the first requirement should be a clear understanding of how those problems actually work. A recent Facebook post by Bernie Sanders comparing today’s oil and gasoline prices to those in 2011 suggests...