Biden Administration Expected to Reinstate Price Controls, Bringing Back 1970s Gas Lines, Experts Wa

[Fishrrman]

https://www.theepochtimes.com/biden-administration-expected-to-reinstate-price-controls-bringing-back-1970s-gas-lines-experts-warn_4515225.html


Gas prices over $7.00 a gallon are displayed at a Chevron gas station in Menlo Park, Calif., on May 25, 2022

Biden Administration Expected to Reinstate Price Controls, Bringing Back 1970s Gas Lines, Experts Warn
By Emel Akan
June 6, 2022

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Excerpts:
Gas prices continue to rise, topping historic highs and there’s no imminent hope of relief in sight, according to sector analysts. The average price for a gallon of regular gasoline in the United States has now more than doubled since President Joe Biden took office.

Congressional Democrats and the Biden administration assert that a solution may be found by cracking down on Big Oil’s exploitative price increases at the pump.

Last month, House Democrats passed the Consumer Fuel Price Gouging Prevention Act, which empowers politicians and bureaucrats to bring civil action against gas companies who engage in “unconscionable pricing,” as defined by the bill.

The legislation grants the president the power to declare an energy emergency for up to 30 days, with the option to extend the declaration.

While the term “unconscionable pricing” could be difficult to pin down, the measure attempts to make it illegal to increase the price of gasoline in a predatory manner.

“So essentially, what this bill would do is, for an unlimited duration, create a system where politicians and bureaucrats can decide what the appropriate level for prices are and fine people,” according to Jack Spencer, senior research fellow for energy and environmental policy at the Heritage Foundation.

Spencer called the measure a recipe for “disaster” during a virtual panel discussion on June 1 hosted by the conservative think tank.
...
In a report last year, the White House Council of Economic Advisers suggested that today’s inflation is best compared to the post-World War II period.

“The period right after World War II potentially provides the most relevant case study, as the rapid post-war inflationary episode was caused by the elimination of price controls, supply shortages, and pent-up demand,” the report stated.

Economist Isabella Weber published an opinion piece in the Guardian in late December in which she referred to this analogy made by the White House and advocated price controls as “a powerful weapon to fight inflation.”

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[Kamaji]

I was saying that was their end-game several weeks ago, at least.

[LMAO]

Let them


I will simply give the general public more of a reason to get rid of these people in the next few years

[IsailedawayfromFR]

The worst thing to possibly do.  It does not work but hurts

Carter lost bigtime after doing that.

[jmyrlefuller]

The worst thing to possibly do.  It does not work but hurts

Carter lost bigtime after doing that.

But maybe that's the point.

Send Biden, already a relic of the 1970s, down in flames and then usher in the next Great Young Socialist Hope as the future of America.

[Right_in_Virginia]

"In a Senate hearing Biden Treasury Secretary Janet Yellen says "the critical thing is we become more dependent on the wind and the sun"  A good reminder that they CHOSE this transition, and the pain is the point."  (Video)

https://mobile.twitter.com/mattdizwhitlock/status/1534196497390227457

[rustynail]

Nixon's the one

Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.

[Free Vulcan]

We are not the economy of the 70's. We are 10,000X beyond that in terms of sophistication and complexity.

This would be like throwing an anvil into a jet turbine.

Then again that sounds like their modus operandi - Sovietization.

[Kamaji]

Nixon's the one

Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.

Yup.  It didn't work then, and it won't work now.