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Does the government not regulate crude oil prices because President Bush and people in his administration have investments in oil stocks?
Wiki User
∙ 15y ago
Crude Oil is regulated by the market through trading. The government's controlling oil prices is socialist idea. Government regulation has taught us many things. See "Communism." Assuming just for argument's sake that President Bush and his associates and friends have stock in oil companies, what makes you think that that is a possible reason for the lack of price regulation? If President Bush were as powerful as you seem to think he is, why wouldn't he be in favor of regulation and setting prices HIGHER than they are right now? The reason there is no price regulation is simple: it doesn't work, because it's economically unsound. Setting price limits on any commodity, including oil and gas, does one thing for certain: it causes shortages in that commodity. So the next time you hear somebody advocating for price controls, keep in mind that he is therefore advocating for shortages and long lines at the pumps as gas stations run out of gas.
Wiki User
∙ 15y ago
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