Against The Grain

Law360 (February 7, 2011, 2:20 PM EST) -- Gasoline price spikes bring calls for investigations into potential collusion among oil companies with what George Will once called “metronomic regularity.” Those investigations, however, inevitably conclude that supply and demand, not collusive conduct, caused the price increase. The world seems to have reached the conclusion, albeit reluctantly, that demand for oil is greater than supply and that gasoline prices will remain high until demand drops or OPEC dissolves.

The world is facing a similar shortage of another key commodity — grain — and policymakers in the...
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