[Editor note: Tomorrow, economist Michael Giberson will critically assess government ‘price gouging’ laws.]

As an economist, whenever I hear the word “shortage” I wait for the other shoe to drop. That other shoe is usually “price control.”

– Thomas Sowell, “Electricity Shocks California,” January 11, 2001.

Like Bill Murray’s weatherman character in the movie Groundhog Day, the American public is obliged to relive certain bad ideas again and again (and again).

Like the movie the idea of price controls for energy keeps coming back, but will we, like Murray’s weatherman, reexamine what leads us to relive such unworkable concepts? The latest contestant in this march of folly was posted recently in the Atlantic Monthly’s business blog.

The idea–called a buffer fund–is to establish a target price for retail gasoline (diesel, too, though they seem to have forgotten that part of the fuel supply) and use taxes or subsidies to maintain the target price over time.…

As a political economist of a certain age, I naturally had a certain amount of Marxist writing inflicted on me, and found one particular thought of great insight. In “The 18^th Brumaire of Louis Napoleon,” Marx commented that Hegel noted that history repeats itself, but neglected to mention that the first time was tragedy, and the second time farce. A decade ago, I published “The Farce this Time” about fears of peak oil, but since then, we have experienced another energy ‘crisis’ which has remarkably resembled a commodity price cycle but which, many pundits observe, is ‘different’ this time.…

“We have long discovered that nothing lasts longer than a temporary government program.” (- Ronald Reagan)

In the 1970s – fifty years ago now – The Energy Crisis jolted the U.S. economy, causing shortages and long lines at gas stations. In response, various federal energy policies and programs were passed. And as the decades passed, layer-upon-layer of new federal energy programs and regulations were added, then extended and expanded.

The energy crisis is decades past, and technology advances in oil and natural gas drilling have yielded booming supplies, allowing the U.S. to become a major oil and natural gas exporter. So maybe it is time (or past time) to “push the button” to end the dense and expensive thicket of federal energy market interventions (including subsidies and mandates for wind, solar, ethanol, electric vehicles, plus fuel economy standards).…

“Many people think that the threat of ‘global warming’ arose only towards the end of the twentieth century…. Climate change, either natural or anthropogenic, has been discussed from the classical age onwards, evolving from the expected benefits of climate engineering to today’s fear of global disaster.”

– Hans von Storch and Nico Stehr, “Climate Change in Perspective,” Nature, June 8, 2000, p. 615

It is all gloom, what Michael Mann cautioned against as “doomism.”[1] Such alarm has been the mainstream narrative—and wrong—since the 1960s. And warnings about how exaggeration can backfire (New York Times: “In Climate Debate, Exaggeration Is a Pitfall“) have been thrown to the wind in the futile, costly pursuit of Net Zero.

This post presents the climate alarm quotations of today with the quotations from Paul Ehrlich and the Club of Rome in the late 1960s/early 1970s for historical perspective.…