Why aren't gas prices regulated?

Why aren't gas prices regulated?

Jordan Goodman (Personal Finance Author) gives expert video advice on: Why is gas so expensive?; Why aren't gas prices regulated?; Do Americans get gas cheap? and more...

Gas prices aren't regulated because when you put artificial price limits on them it creates all kinds of distortions in the marketplace. That's been tried in the past. In the 1970's for example, natural gas was regulated, the price of it, and the result was incredible shortages because if the price is capped, then producers don't want to produce more of it. So it's difficult to see prices go up, but in a certain way it's better to have the free-market set those prices than to artificially have the government do price controls. It's been tried around the world in many countries over the years and it just always distorts markets and ultimately makes things worse for consumers.