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A Short History of Gasoline Price Controls EconLog

Library of Economics and History -- In the Weekend Interview in today's Wall Street Journal (WSJ editor Rob Pollock interviews George Shultz), Shultz says the following:

And one thing you know from experience is when you control the price of something, you end up getting less of it. So if you control the price of health-care providers, you will have fewer of them and that's gonna wind up as a crisis. The most vivid expression of that . . . was Jimmy Carter's gas lines.There's nothing incorrect about this statement. But it gives the reader the impression that Jimmy Carter was the president who introduced price controls. Shultz knows better. It was his boss, Richard Nixon, who introduced price controls on everything and kept them on gasoline.

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Submitted Jul 15, 2012 By: leemun

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honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Jul 18, 2012 5:06:23 AM Ignore honda0105 Report Abuse oil cartell dealings...
sparky808 Champion Author Honolulu Posts:3,139 Points:624,685 Joined:Sep 2011	Message Posted: Jul 16, 2012 12:33:13 PM Ignore sparky808 Report Abuse Thank you for posting.
sjf238 Champion Author Philadelphia Posts:1,215 Points:648,705 Joined:Mar 2011	Message Posted: Jul 16, 2012 12:32:40 PM Ignore sjf238 Report Abuse Ok
Alaydown Champion Author Los Angeles Posts:5,254 Points:847,065 Joined:May 2007	Message Posted: Jul 16, 2012 1:07:04 AM Ignore Alaydown Report Abuse MAC48, that is ridiculous.
MAC48 Champion Author Dallas Posts:1,580 Points:788,525 Joined:Dec 2006	Message Posted: Jul 15, 2012 11:56:13 PM Ignore MAC48 Report Abuse The simple key to regulating the commodity trading markets is to make it illegal to buy or sell future contracts relating to that commodity for anyone or any entity that is not engaged in the initial production of a commodity or uses that commodity for the production of goods or services. The penalty for US domestic persons or entities who buy or sell future contracts relating to a commodity that are neither initial producers of that commodity or do not use that commodity for the production of goods or services should be a fine equal to the face value of the illegal future trading contract or contracts plus incarnation for 1 to 5 years of that individual or the CEO of the entity that engaged in illegal future commodity contract trading. In addition, any person or entity that engages in illegal future commodity contract trading whose legal residence is in a foreign country will have any assets within the US forfeited to the US government & that person or entity will be bared from future business dealings within the US or with US domestic individuals or business entities for a period of 5 years. These measures should be sufficient to keep all traders who are not involved in the actual use or production of any commodity out of any commodities future trading markets.
jimpeel Veteran Author Colorado Posts:462 Points:109,940 Joined:Mar 2005	Message Posted: Jul 15, 2012 11:37:12 PM Ignore jimpeel Report Abuse "Reagan finished the job within his first month in office." At least one of them knew how to get something done.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:576,480 Joined:Mar 2006	Message Posted: Jul 15, 2012 11:33:42 PM Ignore Dodge_Me Report Abuse Hmm, sounds like we're between a rock and a hard place
Cableman66 Champion Author North Carolina Posts:2,247 Points:517,585 Joined:May 2011	Message Posted: Jul 15, 2012 11:31:36 PM Ignore Cableman66 Report Abuse And your point is? Both parties are responsible. Get government out of the way and lets get on with moving the country ahead. This country is like a rudderless ship and is just floating around cause the Captain of the ship has no idea what to do about the economy.
NorthglennBill Champion Author Denver Posts:7,557 Points:1,498,670 Joined:Oct 2008	Message Posted: Jul 15, 2012 11:02:19 PM Ignore NorthglennBill Report Abuse Government meddling never seems to work. Now we have them messing with health care. Going to be a big mess.
stopforgas All-Star Author Mississippi Posts:996 Points:495,480 Joined:Jun 2011	Message Posted: Jul 15, 2012 10:59:19 PM Ignore stopforgas Report Abuse What?? you mean someone actually admits a Republican was not perfect? That's heresy in today's ultra right wing USA.
hatterasjack Champion Author South Carolina Posts:1,316 Points:749,750 Joined:Sep 2007	Message Posted: Jul 15, 2012 10:58:13 PM Ignore hatterasjack Report Abuse Controls never work.
gsipper Champion Author Indianapolis Posts:1,123 Points:677,150 Joined:Dec 2010	Message Posted: Jul 15, 2012 10:56:55 PM Ignore gsipper Report Abuse Huh ... government at it again.
joel27nc Champion Author Raleigh Posts:10,677 Points:1,886,070 Joined:Mar 2008	Message Posted: Jul 15, 2012 10:56:00 PM Ignore joel27nc Report Abuse okay
giselmey Sophomore Author El Paso Posts:125 Points:500,330 Joined:Jul 2011	Message Posted: Jul 15, 2012 10:54:52 PM Ignore giselmey Report Abuse Okayyy...
bowler360 Champion Author Illinois Posts:2,110 Points:527,250 Joined:Jun 2011	Message Posted: Jul 15, 2012 10:52:26 PM Ignore bowler360 Report Abuse hmm.
nobodyMO Champion Author Kansas City Posts:2,251 Points:554,305 Joined:Nov 2010	Message Posted: Jul 15, 2012 10:51:31 PM Ignore nobodyMO Report Abuse ok
bobdec Champion Author Miami Posts:9,104 Points:1,797,520 Joined:May 2008	Message Posted: Jul 15, 2012 10:50:28 PM Ignore bobdec Report Abuse Very true
Amtrgas Champion Author Oakland Posts:2,678 Points:1,644,845 Joined:Dec 2007	Message Posted: Jul 15, 2012 10:49:48 PM Ignore Amtrgas Report Abuse You can try to control the price of gasoline. But, you might not be successful.
SandeeC Champion Author Ontario Posts:3,124 Points:476,535 Joined:Apr 2011	Message Posted: Jul 15, 2012 10:46:19 PM Ignore SandeeC Report Abuse Yeah, I agree with you DarthDadJr.
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Jul 15, 2012 10:45:38 PM Ignore jessek Report Abuse Price controls seem to work for State utilities such as nat gas, electricity, etc.
WinderGuy Champion Author Georgia Posts:2,965 Points:956,010 Joined:Mar 2008	Message Posted: Jul 15, 2012 10:43:53 PM Ignore WinderGuy Report Abuse Ok
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Jul 15, 2012 10:43:46 PM Ignore mstearno Report Abuse carter was an idot too
DarthDadJr Champion Author Virginia Posts:7,431 Points:1,546,625 Joined:Jul 2008	Message Posted: Jul 15, 2012 10:41:53 PM Ignore DarthDadJr Report Abuse Price controls have never worked...
fenster66 Champion Author Pittsburgh Posts:3,485 Points:700,815 Joined:May 2011	Message Posted: Jul 15, 2012 10:40:07 PM Ignore fenster66 Report Abuse ok.....
nomad228 Champion Author Columbus Posts:3,143 Points:580,215 Joined:Feb 2011	Message Posted: Jul 15, 2012 10:38:51 PM Ignore nomad228 Report Abuse yep the gov'ment will always try to control our gas prices while they have no problem filling their tanks on our dime....make that 50 dollars each tank. : )
beachmanglen All-Star Author Tampa Posts:764 Points:519,925 Joined:Aug 2011	Message Posted: Jul 15, 2012 10:36:34 PM Ignore beachmanglen Report Abuse It's a basic law of economics. If you control prices, the producers will produce less, thus creating shortages. I remember the long lines of the 70's and early 80's.
TheOneOkole Rookie Author Tucson Posts:61 Points:4,200 Joined:Jun 2012	Message Posted: Jul 15, 2012 10:36:21 PM Ignore TheOneOkole Report Abuse control? really?
kd5kpd Champion Author Texas Posts:3,877 Points:1,443,675 Joined:Apr 2006	Message Posted: Jul 15, 2012 10:35:28 PM Ignore kd5kpd Report Abuse Government control will always be a SNAFU!!
naiiawah Champion Author Boise Posts:2,525 Points:716,700 Joined:Mar 2011	Message Posted: Jul 15, 2012 10:34:04 PM Ignore naiiawah Report Abuse Interesting.
Harry813 Champion Author Iowa Posts:3,140 Points:689,340 Joined:Jul 2011	Message Posted: Jul 15, 2012 10:32:56 PM Ignore Harry813 Report Abuse Yep politics as usual
drz614 Champion Author Harrisburg Posts:2,439 Points:625,320 Joined:Aug 2011	Message Posted: Jul 15, 2012 10:32:34 PM Ignore drz614 Report Abuse ok
WIPACKERFAN Champion Author Chicago Posts:8,944 Points:1,871,150 Joined:Aug 2005	Message Posted: Jul 15, 2012 10:30:22 PM Ignore WIPACKERFAN Report Abuse SO
papa56NC All-Star Author North Carolina Posts:725 Points:142,760 Joined:Apr 2012	Message Posted: Jul 15, 2012 10:29:36 PM Ignore papa56NC Report Abuse Ok
rf6480 Champion Author Miami Posts:1,583 Points:569,785 Joined:Mar 2011	Message Posted: Jul 15, 2012 10:26:04 PM Ignore rf6480 Report Abuse politics and greed
goldrose1 Champion Author Cleveland Posts:11,071 Points:1,949,605 Joined:Feb 2005	Message Posted: Jul 15, 2012 10:25:17 PM Ignore goldrose1 Report Abuse Gasoline Price Controls was big issue in presidential election. Congress wouldn't support dropping them under Carter.
DEG Champion Author Las Vegas Posts:17,745 Points:3,519,480 Joined:Jul 2003	Message Posted: Jul 15, 2012 10:23:42 PM Ignore DEG Report Abuse Everything the government regulates gets more expensive. College education and health care are two of the biggest examples.
ratboy1968 Champion Author Montreal Posts:2,757 Points:576,725 Joined:Oct 2011	Message Posted: Jul 15, 2012 10:22:28 PM Ignore ratboy1968 Report Abuse Ok
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Jul 15, 2012 10:17:20 PM Ignore Jeeputtputt Report Abuse make it shorter
250FORD Champion Author Minnesota Posts:8,332 Points:1,305,970 Joined:Feb 2007	Message Posted: Jul 15, 2012 10:17:02 PM Ignore 250FORD Report Abuse We don't need price controls on oil and gas. We need speculators out and oil companies run by people who don't want to bleed everybody dry. GREED is what will destroy this country and the world for that matter.
bikerchicklette Champion Author Washington Posts:5,889 Points:1,300,745 Joined:Sep 2005	Message Posted: Jul 15, 2012 10:14:19 PM Ignore bikerchicklette Report Abuse WoW !!
blazerbob91 Champion Author Milwaukee Posts:6,279 Points:1,910,020 Joined:Aug 2005	Message Posted: Jul 15, 2012 10:13:54 PM Ignore blazerbob91 Report Abuse Government controls to much of our lives
Goody2317 All-Star Author Wilmington Posts:680 Points:637,705 Joined:Jun 2008	Message Posted: Jul 15, 2012 10:10:34 PM Ignore Goody2317 Report Abuse Any time the government tries to control anything it always goes wrong.
MRHONEST Champion Author Illinois Posts:2,217 Points:1,695,830 Joined:May 2007	Message Posted: Jul 15, 2012 10:10:12 PM Ignore MRHONEST Report Abuse Alrighty then!
serrog Champion Author Nova Scotia Posts:5,705 Points:1,539,830 Joined:Oct 2008	Message Posted: Jul 15, 2012 10:06:46 PM Ignore serrog Report Abuse They don't work
HDFXR1991 Veteran Author Wisconsin Posts:469 Points:146,180 Joined:Sep 2008	Message Posted: Jul 15, 2012 10:06:40 PM Ignore HDFXR1991 Report Abuse Things that make you go Hmmm
justmedc Veteran Author Michigan Posts:382 Points:174,495 Joined:Mar 2012	Message Posted: Jul 15, 2012 10:02:27 PM Ignore justmedc Report Abuse ok
gasmack Champion Author Ventura Posts:1,752 Points:679,840 Joined:Feb 2011	Message Posted: Jul 15, 2012 10:01:40 PM Ignore gasmack Report Abuse Interesting view.
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Jul 15, 2012 9:58:11 PM Ignore 96sc1 Report Abuse I vote against any price controls on anything for any reason.
danlanman Champion Author North Carolina Posts:3,467 Points:749,935 Joined:May 2011	Message Posted: Jul 15, 2012 9:56:43 PM Ignore danlanman Report Abuse less government
aggietim Champion Author Fort Worth Posts:1,831 Points:717,050 Joined:Oct 2008	Message Posted: Jul 15, 2012 9:51:04 PM Ignore aggietim Report Abuse ok