Thus it is said in one of the newer editions of the canonical textbook 'Economics' authored by Paul Samuelson and William Nordhaus, first published in 1948: 'Consider the supply and demand for gasoline. Because of a war or revolution, a drastic cut in oil supply occurs. Suppose that the oil prices rise sharply and the price of gasoline rises. Populists rise to denounce the situation. They claim that consumers are being ‘gouged' by profiteering oil companies. Further, the rising prices threaten to ignite an inflationary spiral in the cost of living.

https://opinion.inquirer.net/166095/false-promise-of-price-controls

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