In preparation for my imminent retirement, I've been going through files and files, throwing things out but keeping things too. I came across a letter I wrote to George Pearson of Koch Industries, who took me to dinner in July 1983 to lobby me on something I didn't need lobbying on: oil import fees were and are a bad idea. (Was it legal for him to buy me a nice dinner? Yes. The law changed effective January 1, 1984.) Here's my letter in response to a document that George gave me at dinner, followed by his response. My letter:DRH to George Pearson.pdf Clarification: When I wrote, "Only if refiners price their products at average cost rather than marginal cost will the low price on domestic crude be
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