For those too young to recall the last real effort to use UJM’s price control model to address escalating energy prices, the Carter administration attempted to impose price caps on crude oil and distillate products during the OPEC oil embargo in the late 1970s. It was an unmitigated disaster and did little other than further shrink domestic supplies and provide a generation of lawyers with full employment in litigating lawsuits against the DOE rules which weren’t finally resolved until 2005.
