An improbable cure for oil addiction

Instead of supporting politically cynical palliatives, Mr Bush should take the opportunity created by high oil prices to ask Congress to impose a “price floor” on a barrel of oil. The mechanism would be very simple. The government would announce that, as part of a comprehensive energy strategy, it will henceforth not allow the price of oil to fall below a particular floor of, say, $60 per barrel. If high oil prices continue, the proposal would have little impact and cost nothing, either politically or financially.

FT