Former Congressmen Bill Archer and Charles Stenholm have an op/ed in today’s Houston Chronicle condemning their former colleagues for their foolishness in pursuing gas price gouging legislation.

Policymakers should also take note that the United States continues to import a significant amount of gasoline from foreign producers. In the event price caps are triggered, foreign producers will simply sell their products elsewhere at higher market prices. Price controls don’t work; never have, never will. Proposed “price-gouging” laws would return the United States to the horrors of gasoline price controls witnessed under the Carter administration and effectively harm the very U.S. consumers such policies are meant to protect. What Congress seems to learn from history is that it never learns from history.

The ACCF report that the wise authors refer to can be found here.