To thee editor:
Do we really refuse to learn from the past?
Economics 101: When we artificially constrain prices we create a shortage.
President Richard Nixon did this in 1973 and sure enough we had lines at the pump. We went from "outrageously" expensive gas to none. This did enormous economic harm that took years to recover from.
The price of gas is a signal to producers and consumers. If we force the price of gas lower we tell producers to produce less and consumers to consume more. The market can't clear and we get shortages.
After 1993, the ensuing oil embargo forced gas prices higher (once price controls were lifted) and we learned to reduce our consumption, improve our efficiency and develop new resources.
Don't mess with the free market. It works.
P.S. One our most plentiful resources, natural gas, is selling at the equivalent of $1.25 per gallon of gas.
Jay Whipple
Boca Grande
