I well remember Jimmy Carter's assertion in the late 1970's that if the price of gasoline were raised to $1.00 per gallon all of our worries would be over and gas shortages would be held in check.
His theory that consumption would decline without undue hardship on the ordinary working person was at best ill advised.
There was even talk of rationing fuel............
There is no possible way to set a price on an item unless there are buyers. Oil speculators are just that.........buyers...............
