Hypocrisy of Gouging

The Washington Post has an op-ed by Robert Samuelson calling out the hypocrisy of those legislators who, on the one hand, blame oil companies for the unreasonably high fuel prices but also warning against global warming and seek to limit carbon emissions:

These crowd-pleasing proclamations are contradictory. Anyone fearful of global warming should cheer higher gasoline prices, because much higher prices represent precisely the sort of powerful incentive needed to push consumers toward more fuel-efficient vehicles and to persuade the auto industry to produce them in large numbers. Bravo for higher prices!

Samuelson says that Pelosi and others will use price controls as a springboard for improvements in fuel efficiency and better efficiency standards. But if fuel prices are lower, people have no need for more expensive fuel efficient cars, and will drive more which would offset efficiency improvements in the first place.

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