Back in 1980-83 when I was testing oil wells, many people (similar to
Harry Ks accusation) were accusing the oil companies of price gouging.
The oil companies responded by saying that only 1 in 40 wild cat wells
produced anything and they were called liars. Since I was the guy who
actually determined if the wells could produce, I know they were
telling the truth.
There is no doubt that price controls will result in much less
production of domestic oil due to shutting down stripper wells thus
driving us to use more foreign oil. It is easier and more PC for Harry
and Doug to make silly arguments about price gouging than to really
look into the situation. Price controls would send more money to Saudi
by making us use more foreign oil thus financing terror. If you want to
see the Saudis get shafted, pray for a moderate increase in oil price.