U.S. News asks in its report on the energy bill debate:
Who could quarrel with a move to clamp down on any oil supplier who charges an “unconscionably excessive price” after the president declares a national emergency due to a disaster or energy shortage? Well, the president could. President Bush has threatened a veto if the legislation contains this language, arguing that it could cause chaos in the market. Which means what is probably little more than a feel-good initiative could kill the entire bill.
Add to the list of those who would quarrel with that provision, anyone who understands price controls.
