Richard Epstein is at it again.
The overall lesson here should not be forgotten. The desire to meddle politically in economic matters will only get worse when politicians on both sides of the aisle start from this erroneous, but shared, premise: simple changes in prices count as evidence of a market failure that justifies government intervention. They don’t. Price increases should not lead to a call for price limits. The real problem is the trouble brewing in Iran and the Strait of Hormuz. Politicians should neither panic nor pander, especially when their political energies are needed to reach a diplomatic or military solution for a serious international breakdown that requires our urgent and unified national attention.
The whole article is worth reading if you’re interested.