NEWSFLASH: Price Controls Don't Work!
From the New York Sun:
Hawaii is about to scrap its effort to legislate away high gasoline prices, after the state's "gas cap" law failed to lower prices at the pump and led to claims that the regulation cost drivers tens of millions of dollars since it went into effect in September.
"It's farcical, to be honest," the president of a gas station chain on the islands, Richard Parry, said in an interview yesterday. "Everyone sort of says, 'This obviously hasn't worked.'"
Some think that the 1970s should have taught politicians that price controls don't work, but that's a naive assumption. Lawmakers come and go, but the big government machine always seeks to intervene.
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» News o' the Dumb update from within the crainium
At the end of last August, I mentioned Hawaii's gasoline price controls in a News of the Dumb post (second topic). Here's an update in a report from the New York Sun: State's Price Controls on Gasoline Are Said To... [Read More]
