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> There's no evidence of that. Aside from the fact that the price of oil was 4-5x in Europe compared to the US. >> there was an artificial limit on the price

> There's no evidence of that. Aside from the fact that the price of oil was 4-5x in Europe compared to the US. >> there was an artificial limit on the price of gasoline > Such price controls lead to shortages. That was the whole point. You constrain the price so everyone can afford a little of it, rather than a small percent affording for of it. >> the supply was repeatedly cut to almost zero > That never happened. OAPEC literally embargoed countries that financed Israel (hello, United States) for months at a time. Great for Texan oil companies! Bad for everyone else. > Yet he didn't. Reagan did, as his first act His first act was literally in movies. His 2nd act was keeping the Black Panthers from arming themselves in CA. At least his third act was negotiating dirty deals with Iran. The Contras hadn't offered enough money yet. > such as multiple MAJOR wars in the middle east Oh, those wars where Western armies marched in to secure oil fields? I can't imagine why Western oil companies would do well in that market...

WalterBright 7y ago
> Aside from the fact that the price of oil was 4-5x in Europe compared to the US. Gas prices have always been high in Europe due to heavy taxes. And as I remarked before, when Reagan repealed the controls the price of gas didn't go up at all. > to secure oil fields? Saddam set them all on fire. It took almost a year to put them all out if I recall correctly. Don't forget the Iran/Iraq war, which lasted 8 years and devastated both countries, including devastating oil production. https://en.wikipedia.org/wiki/Iran%E2%80%93Iraq_War#Economic_situation https://en.wikipedia.org/wiki/Iran%E2%80%93Iraq_War#Economic... But no gas lines. > That was the whole point. I'm glad you understand that point. But you may not realize that what the person received in price controlled gas was more than made up for in many hours waiting in line to fill up. Having people pay in time waiting in line instead of pay in dollars is a terrible way to run an economy. Another silly thing the government did was institute odd/even days based on your license plate. Instead of decreasing the lines, it increased the lines, because people would top off their tanks on Tuesday, just in case, because it was illegal for them to buy on Wednesday. Lots of people would wait for hours in line and buy a half gallon. Reagan really did the country a great service by getting rid of that nonsense.

WalterBright 7y ago

> Aside from the fact that the price of oil was 4-5x in Europe compared to the US. Gas prices have always been high in Europe due to heavy taxes. And as I remarked before, when Reagan repealed the controls the price of gas didn't go up at all. > to secure oil fields? Saddam set them all on fire. It took almost a year to put them all out if I recall correctly. Don't forget the Iran/Iraq war, which lasted 8 years and devastated both countries, including devastating oil production. https://en.wikipedia.org/wiki/Iran%E2%80%93Iraq_War#Economic_situation https://en.wikipedia.org/wiki/Iran%E2%80%93Iraq_War#Economic... But no gas lines. > That was the whole point. I'm glad you understand that point. But you may not realize that what the person received in price controlled gas was more than made up for in many hours waiting in line to fill up. Having people pay in time waiting in line instead of pay in dollars is a terrible way to run an economy. Another silly thing the government did was institute odd/even days based on your license plate. Instead of decreasing the lines, it increased the lines, because people would top off their tanks on Tuesday, just in case, because it was illegal for them to buy on Wednesday. Lots of people would wait for hours in line and buy a half gallon. Reagan really did the country a great service by getting rid of that nonsense.