The newest Fox News piece begins this way
Understanding economics has never been a requirement to be a reporter or a politician. With gas prices moving back towards $4 a gallon over the weekend, "price-gouging" seems to again be everyone’s favorite phrase these days. With price of gasoline already being American’s greatest concern, more so than the economy or taxes, it is a message that many people will be primed to hear. Presumably that is why a majority of Americans want higher taxes on oil companies.
Yet, if political threats of price controls and price-gouging lawsuits prevent prices from rising now, it is the consumers nationwide who will suffer in the long run. In the coming weeks, as people living in the disaster area try to get everything from fallen trees removed to food, the outcry against higher prices will only get worse.
Labels: Economics, op-ed