WELCOME BACK, CARTER! Democrats Wants to Give Biden Power to Impose Price Controls on Gas.
Such a move would surely bring shortages, as Hot Air’s Ed Morrissey notes.
Price controls do not eliminate “price gouging.” They artificially cap prices to a point where producers and retailers can’t profit off of their work. Production inevitably falls off, which then requires sharp rationing of shortage resources, as we also saw in the 1970s. I still recall the odd/even pump days based on your license plate and 5-gallon limits per visit, as well as the 2-hour waits to get to the pump at all, hopefully before the station ran out of gasoline.
Fortunately it’s pure grandstanding, as the legislation will be dead on arrival in the Senate.
Otherwise, I hope this ends better than the last time around: