Liberals reacted with horror, predicting the price of gasoline—then about $1.40 a gallon—would soar. Sen. Don Riegle of Michigan said that “It will hurt our people within a matter of days.” Sen. Dale Bumpers of Arkansas predicted that “without rationing, gasoline will soon go to $3 a gallon.” Congressman (now Senator) Ed Markey said “I believe that decontrol as a cure will prove to be worse than the disease of oil addiction.” Sen. George Mitchell said “Every citizen and every family will find their living standards reduced by this decision.” What actually happened? Sure enough, oil prices started falling immediately, with gasoline drifting down to 89 cents a gallon by 1986. The liberal prophecies disappeared down a memory hole.
Tuesday, December 24, 2013
Liberal prophesies in review
Democrats are perpetually outraged at how some conservative policy will inevitably lead to disaster. So, it is occasionally useful to review their predictions as Steven Hayward has done here regarding Reagan's decontrol of oil prices in 1981: