[Dan Evans]

Also, with NO SUBSTANTIAL CHANGE IN PUMP PRICES, the oil "shortage" mysteriously ended after approximately 4 - 6 months.

That's a good question. I suspect that high prices aren't the only thing that can cause a lower demand. Probably people got sick of waiting in line and they found other things to do -- like staying home instead of going to the movies.

I cannot fathom why people have such a problem with this. Isn't it logical that oil companies are going to be reluctant to sell their product at a loss? Sure, they might have access to a limited supply of cheap crude with long term contracts. But what would be their incentive to buy more expensive oil on the spot market so that the supply equals the demand?

Price controls are either mischievous or they are unnecessary. If the controlled price is above the market price it has no effect. If it is below the market price it creates shortages.

[DustyMoment]

Price controls are either mischievous or they are unnecessary.

Nixon orived beyond a shadow of a doubt that price controls are unnecessary. The market works best when it is unfettered by any form of price control.

If the controlled price is above the market price it has no effect.

Actually, it does. The oil company can make gazillions in profits that enrage the morons who don't comprehend the workings of a free market economy - which flies in the face of selling gas at a mandated price that is well above the cost of the crude oil.