Published Friday, May 25, 2007 by Robert P. Murphy
On Wednesday the House passed a bill that would make price gouging by oil and gas companies a federal crime. The legislation called for jail time and fines of up to $150 million a day for charging "unconscionably excessive prices" and taking "unfair advantage" of consumers. Robert Murphy, author of The Politically Incorrect Guide to Capitalism, argues that this proposed legislation is horrendous and would do nothing to help the American motorist. The most obvious difficulty is the arbitrariness of the "crime."
(Original Text)
The Giant Gas-Gouging Gaffe (1.49 MB)