The "Gouging" Myth

Take the Russell Roberts "Gas Quiz" today at Cafe Hayek for a quick lesson on prices.

Incidentally, it's interesting to note that it's quite trendy for anti-free marketeers to go after the big, bad oil industry when prices hit levels we arbitrarily decide we don't like, though few who complain of such "gouging" offer no more than a whisper when it comes to other industries well-known for consistently higher prices than others.

Say, professional football, for example. Yesterday I had to pay 28 bucks (!) for four bottles of Miller Lite at FedEx Field during the Redskins game. The nerve of such people! Clearly the price police must swoop down and put an end to such treachery!

Oh, wait a minute. I chose to pay that price, didn't I?

See also this related piece by John Stossel.