The Oil Price Trajectory
By David Holcberg (New York Times, May 27, 2007)
Re "Oil Price 'Gouging': A Phantom Menace?" (Economic View, May 20), about reactions in Congress to the recent path of oil prices:
Selling at prices that some people feel are too high violates no one's rights - there is no such thing as a right to cheap gasoline. Moreover, "price gouging" has no objective meaning or definition - it is in the eyes of the beholder. People who complain about it merely want a product at a lower price than it's being sold for.
"Price gouging" laws are like the sword of Damocles hanging over the heads of business owners. They should not have to live under this constant threat.