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This experiment has been tried. During the 70s energy crisis, gas price controls succeeded in creating the longest lines and shortages. No other subsequent oil
by nickpp 6y ago
This experiment has been tried. During the 70s energy crisis, gas price controls succeeded in creating the longest lines and shortages.
No other subsequent oil crises had the same disastrous effect, because the market was allowed to solve the problem.
- gwd 6y ago> No other subsequent oil crises had the same disastrous effect, because the market was allowed to solve the problem. How much was the market, and how much was the government? https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States) https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(U...
- nickpp 6y agoI don’t know, but it looks to me that through that Reserve even the government understood that price controls don’t work and tried to solve the problem working with the market rather than against it.