Gas lines and runs
By imposing price limits, government makes an explicit choice in favor of gas lines, in order to keep the price of whatever gas is available within reach of lower-income consumers. That may be a popular decision, but it is hardly a market failure.That's Geoffrey S.W. Styles at Energy Outlook explaining why the Southeast US has experienced gas shortages. Read it all. Via Knowledge Problem where this in person experience with gas lines is worth reading.
Labels: Price controls