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(OPEN):
IT'S THE START OF THE SUMMER DRIVING SEASON--AND THE HOUSE OF
REPRESENTATIVES RECENTLY PASSED LEGISLATION THAT WOULD ESTABLISH PRICE
CONTROLS ON GASOLINE. JIM MILLER--A FORMER CHAIRMAN
OF THE FEDERAL TRADE COMMISSION--EXPLAINS WHY PRICE
CONTROLS FAILED IN THE CARTER ADMINISTRATION, AND WHY U-S CONSUMERS
CAN'T AFFORD A 19-70'S ENERGY POLICY...
(MILLER):
"THE CURRENT LEGISLATION ON PRICE GOUGING PASSED BY
THE HOUSE OF REPRESENTATIVES--AND NOW UNDER CONSIDERATION OVER [IN] THE
SENATE--WOULD RETURN US TO 19-70'S-ERA PRICE CONTROLS. IF A MAJOR
DISASTER CAUSED UNEXPECTED SUPPLY CONSTRAINTS, RETAILERS WOULD BE FORCED
TO KEEP PRICES LOW--OR BE CHARGED WITH A FELONY. THESE POLICIES
FAILED IN THE 19-70'S--WHEN AMERICAN CONSUMERS WERE THE VICTIMS OF LONG
GASOLINE LINES AND CONSTANT FUEL SHORTAGES. THIS TYPE OF LOGIC
REVEALS A FUNDAMENTAL MISUNDERSTANDING OF HOW MARKETS WORK."
(BRIDGE):
MILLER EXPLAINS THAT THE FEDERAL TRADE COMMISSION HAS FOUND NO
EVIDENCE OF GAS-PRICE GOUGING OR MARKET MANIPULATION…
(MILLER):
"THE F-T-C HAS UNDERTAKEN STUDY AFTER STUDY, LOOKING
FOR ANY EVIDENCE OF PRICE COLLUSION--AND HAS FOUND NONE. ON THE
OTHER HAND, THE F-T-C AND OTHERS HAVE WARNED THAT PRICE CONTROLS WOULD
LEAD TO SERIOUS SHORTAGES--AND COULD EVEN FORCE SOME SERVICE STATIONS
AND REFINERIES TO CLOSE THEIR DOORS. WHEN THE 19-70'S PRICE
CONTROLS WERE ENDED, SHORTAGES DISAPPEARED AND PRICES FELL.
CONGRESS NEEDS TO LEARN FROM HISTORY--AND NOT REPEAT THE MISTAKES OF THE
PAST; 19-70'S PRICE CONTROLS ARE NOT THE ANSWER."
(CLOSE):
CURRENTLY, JIM MILLER IS A SENIOR ADVISOR FOR ECONOMIC AND PUBLIC
POLICY AT THE BLACKWELL SANDERS LAW FIRM, IN
WASHINGTON, D-C.
