Crude oil prices struck a record high of $70.85 in New York trading on August 30. If you believed all the hype surrounding the aftermath of Hurricane Katrina – e.g., it was Bush’s fault and the economy will be in ruins – well, you may just have been a victim of the TV talking heads’ hysteria, and that of the New York Times, LA Times, etc., etc. A few days after Katrina ravaged the Gulf Coast, the news networks kept showing the “startling” image of a gas station sign advertising $5.87/gallon – I believe it was in Atlanta. Of course,...