Who is “price gouging” at the pump now?

It was only a few short years ago when the economically-misguided (both Republican and Democrat) were engaged in a witch hunt against the issue of “price gouging” at the gas pump. See my comments about then Rep. Heather Wilson. Wilson was by no means the only one. President Obama called an investigation and pundit Bill O’Reilly mocked him for not being tough enough.

Of course, these days no one is talking about “price gouging” at the pump because prices are dropping like a rock. OPEC which has, in the past, been able to reduce supply somewhat in order to drive up prices, has lost its power due to market forces (the US fracking boom).

And, of course, remember Democrats mocking Sarah Palin for saying “Drill Baby Drill?” Thanks not to government policies, but to market forces and new technology, that’s exactly what has been in recent years. The result, dramatically-lower gas prices (despite federal policies). Ingenuity and market forces are amazing. Government regulations and cartel pricing conspiracies, not so much.

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