Taken from the Article Experienced posted this morning:
https://www.federalreservehistory.org/essays/great-inflation
There had been a few earlier attempts to control inflation without the costly side effect of higher unemployment. The Nixon administration introduced wage and price controls over three phases between 1971 and 1974. Those controls only temporarily slowed the rise in prices while exacerbating shortages, particularly for food and energy. The Ford administration fared no better in its efforts. After declaring inflation “enemy number one,” the president in 1974 introduced the Whip Inflation Now (WIN) program, which consisted of voluntary measures to encourage more thrift. It was a failure.
Now this: Pelosi Bashes 'Big Oil', Pitches Plan To Make Gas Price Increases Illegal
During her weekly press conference, House Speaker Nancy Pelosi unveiled the Democrats' latest plan to slow the surge in gas prices that is top of mind for Americans. Their solution is (drum roll please): price controls!
Having begged OPEC to pump more (and quietly asked the dastardly domestic fossil fuel crowd to help out), Democrats blew their wad on the largest SPR release in history... and achieved nothing, as gas prices reached a new record high.
Democratic Congresswomen Kim Schrier and Katie Porter have introduced the 'Consumer Fuel Price Gouging Prevention Act' that will give the President the power to issue an Energy Emergency Declaration that would make it unlawful to increase gasoline and home energy fuel prices in an excessive or exploitative manner.
“At a time when people in the 8th district and across the country are feeling the pinch at the gas pump, Congress needs to be doing all it can to bring down costs for American families. What’s infuriating is that this is happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit. This must stop,” said Rep. Schrier.
“Gas and oil companies should be held accountable and should not be making the situation worse by gouging Americans at the pump. This bill needs to be passed and signed into law as soon as possible.”
"Oil companies are not struggling—they continue to announce record profits and tens of billions dollars’ worth of stock buybacks—but families are," said Rep. Porter, Chair of the House Natural Resources Subcommittee on Oversight.
"Big Oil is price gouging families because they can. Enough is enough. I'm proud to help introduce this bill that will hold these corporations accountable, stop their abuse, and give families relief.”
Perhaps an 'economist' could explain what happens to supply of something is government enforces a cap on the price of that thing... (Hint: it does not go up!)
Brace for more shortages if this bill passes!
https://www.zerohedge.com/political/pelosi-bashes-big-oil-pitches-plan-make-gas-price-increases-illegal
https://www.zerohedge.com/political/pelosi-bashes-big-oil-pitches-plan-make-gas-price-increases-illegal