Congress Picks Populism Over Increased Supply With Price Gouging Legislation

Congress Picks Populism Over Increased Supply With Price Gouging Legislation

WASHINGTON - APRIL 26: U. S. Senator Chuck Schumer (D-NY) reacts as he leaves a news conference on ... [+] high gasoline prices at a gas station on Capitol Hill April 26, 2006 in Washington, DC. The Senate Democratic members called for action against gas price gouging. (Photo by Alex Wong/Getty Images) Democrats continue to decry high gasoline prices and accuse oil companies of price gouging, but lawmakers should consider whether their policies restricting domestic energy production are to blame for soaring consumer prices. Democrats may want to look in the mirror before pointing the finger at the people who create jobs and produce the energy this country runs on. The Democrats' own policies are causing the energy scarcity that's driving up prices. Oil and gas prices have risen because of falling supply. Less than a decade ago, there were 1, 600 active drilling rigs in the country producing or searching for oil; now, there's a quarter of that number. There were twice as many drilling rigs operating in the Gulf of Mexico before the pandemic hit in spring 2020. That was also the last time oil was at or above $100 a barrel. Why? Because the energy sector faces