"The last time liberals decided an industry was so important that the government needed to step in and contain costs was when they set their sights on the oil industry. Liberals in both the U.S. and Canada -- presidents Richard Nixon and Jimmy Carter and Canadian P.M. Pierre Trudeau -- imposed price controls on oil.
As night leads to day, price controls led to reduced oil production, which led to oil shortages, skyrocketing prices for gasoline, rationing schemes and long angry lines at gas stations.
You may recall this era as 'the Carter years.'
Then, the white knight Ronald Reagan became president and immediately deregulated oil prices. The magic of the free market -- aka the "profit motive" -- produced surges in oil exploration and development, causing prices to plummet. Prices collapsed and remained low for the next 20 years, helping to fuel the greatest economic expansion in our nation's history.
You may recall this era as 'the Reagan years.' -- Ann Coulter
"Larwyn's Linx: 'No tort reform because trial lawyers are scary'"
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