Fox News host Tucker Carlson dissects Democrat Sen. Elizabeth Warren's plan that would give her more control over gasoline on 'Tucker Carlson Tonight.'
CARTER EVANS, CBS NEWS CORRESPONDENT:A regular fill-up would have been just say six months ago, about $700. Now, it's about $1,000. It's what truckers are facing across the country for diesel, and you're paying the price, according to oil analyst Tom Kloza. If you're ordering anything that moves by freight across the country, it comes via fuel surcharges. Probably not the worst of the diesel surcharges. That will come next month.
So, when you impose price controls in that kind of environment – Anyone? Anyone?-- bidding wars start and prices go up even higher. As the economist Alan Cole put it recently, you'll inevitably get a"scalper’s paradise." Government imposed prices will be low, so they'll sell out fast, of course. Then you get a black market. We don't have to guess because this has happened in every controlled economy in history.
So, you get a lot more law enforcement activity, a lot of people going to jail, but you also get what the economist Gregory Grossman calls"the second economy." People do anything they can to get the government-approved lower price. The Soviets traded favors and established protection rackets. They called the system"blat", which translated from the Polish, meant someone who provides cover. What you get is corruption. Corruption is the inevitable result of price controls.
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