Thus, gasoline price fluctuations after a disaster are not breakdowns in the market system, but rational, predictable responses to changing circumstances.[22]  Statistically, the responses to Hurricane Katrina and Rita tracked the supply-and-demand model almost perfectly.[23] Consequences of Price ControlsIn 1971 President Nixon attempted executive branch implementation of price controls for crude oil and refined petroleum, and the results were overwhelmingly… [read post]