A profound misunderstanding of economics

Nationalizing oil. [Link]

Among other things, the Democrats called for the government to own refineries so it could better control the flow of the oil supply.

Not only that, but then — according to an Obama supporter who represents the non-profit group Oil Change International — the government can set prices! After all, what’s the use of going Communist if you aren’t willing to take it all the way to the hoop, right?

Granted, Maurice Hinchey, who joins Maxine Waters in the call to nationalize the oil industry, is, like Waters, something of a crank — but make no mistake: this being an election year, the very fact that two leftwing Dems in the House are even daring to voice such an idea is enough to make me shiver, and enough, certainly, to get Hugo Chavez’ little tyrant stick all hard.

You can't just set the price because you feel like it. Nationalizing industries always seems to end badly, and not just economically.

Do we really want the government running oil?