When lawmakers propose solutions to complex economic problems, the first requirement should be a clear understanding of how those problems actually work. A recent Facebook post by Bernie Sanders comparing today’s oil and gasoline prices to those in 2011 suggests that oil companies are “ripping off” consumers. The logic is straightforward: if oil prices are roughly the same, gasoline prices should be as well. If they aren’t, someone must be taking advantage. It’s an intuitive argument, but it misses important elements…

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