Bill O’Reily: What You Don’t Understand About the Oil Market …

Written by William Pauwels on February 20, 2013

MH910216385 (1)Dear Bill O’Reilly,

I watch your show every night. You offer much good perspective, particularly in your talking points. But for some reason, you seem quite limited, or socialistic, when it comes to economic matters. You don’t seem to understand free enterprise or the pricing system that supports it.

If you had a million gallons of oil to sell, and five customers lined up to bid on it — who would you sell it to? Obviously, you’d sell to the customer who offered the highest price – unless you were a Socialist.

We live in a global, free market. As you know, it is based on private property rights, supply and demand, and the free-pricing system. Why can’t you get it? Why are you misleading your viewers with your irrational pronouncements and implications when it comes to economic matters and effects that you don’t like?

Rsz_billoreillyHey! I don’t like high prices for gasoline either — but as long as we’re in a global, free-market economy, and the supply is limited (by government), the guys who bid the most are going to get the goodies.

The only reason we have a short supply of gasoline is because of government interference with the free enterprise system, i.e., the development of our plentiful energy resources in North America. Off shore drilling and Keystone are the latest examples.

You should bring some people on your show who can explain this to your viewers. Alternatively, play some of Milton Friedman’s interviews on Uncommon Knowledge (See YouTube).

All the best!

William A. Pauwels, Sr.

Lower image: Bill O’Reilly; source: Cropped from Striker dining facility becomes No-Spin Zone,; author: Chris McCann (US Army); public domain

William Pauwels
William A. Pauwels, Sr. was born in Jackson Michigan to a Belgian, immigrant, entrepreneurial family. Bill is a graduate of the University of Notre Dame and served in executive and/or leadership positions at Thomson Industries, Inc., Dow Corning, Loctite and Sherwin-Williams. He is currently CIO of Pauwels Private Investment Practice. He's been commenting on matters political/economic/philosophical since 1980.