June 02, 2008

...And sometimes, the press is REALLY stupid

Here's a dreadful piece of journalism from R. A. Dyer of the Fort Worth Star Telegram. He leaves out...

1) Deregulation has failed Texas consumers
2) The excuses, regarding fuel costs, are irrelevant. If the standards to market entry are set so low that retailers end up being financially unable to manage their businesses (and, you know, HEDGE THEIR RISK) then clearly there is something wrong.
3) This is related to excessive speculation in the energy market coupled with the decline in the dollar which is setting prices high for ALL natgas, even that produced domestically since we don't produce enough to meet domestic demand.
4) The cheapest, most dependable electricity in the state is in two markets, SA Metro and Austin Metro. Neither deregulated.
5) The price spikes are clearly indicative of market manipulation.

Dyer, if you're going to write about something at least learn about it.

Posted by mcblogger at June 2, 2008 10:03 AM

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