Price Ceilings Also Hurt Those Who Mow Lawns

GasStationLine1974.jpg “Arjun Murti at Goldman Sachs studied the 1970s’ oil spikes. One had drivers lined up at a gas station in San Jose, Calif., in 1974.” Source of caption and photo: online version of the NYT article cited below.

The best part of the article below was the photo above of a gas line caused by the government’s imposing price ceilings on the price of gas. I’ve seen other photos of gas lines, but this is the first one I remember with someone waiting to fill up a lawn mower.

For the full story, see:
LOUISE STORY. “An Oracle of Oil Predicts $200-a-Barrel Crude.” The New York Times (Weds., May 21, 2008): C1 & C4.

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