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Tuesday, September 20, 2005 

Russia Caps Gas Prices (Good Old Socialism)

Russia's major oil producers "voluntarily" decided to cap their prices for domestic gasoline, in their country, until the end of the year. (Breitbart.com)

This came after a meeting of the oil company heads with Industry and Energy Minister Viktor Khristenko where criticism, from Kremlin-loyal politicians, was voiced that prices rose by more than a ruble in a week (its sitting at about $0.26/gallon right now). Russia is the world's second largest oil producer, next to Saudi.

Ahhh socialism. What will be next? Some good rationing and letting the Kremlin decide how much gas all the people need? Capitalism was good enough to get them rebuilt, now it seems to be time to return to good old "little red book".

Watch this one, in conjunction with China's emergence in the region, for the two countries to get even more warm and fuzzy with each other. How much you want to bet, in a month, Russia expands this "price cap" to gas sold to China?