Sometimes government ineptitude can be a good thing.
Last month I mentioned that Hawaii will be issuing price caps on the wholesale oil. I vowed to keep track of the prices and luckily I found a site that did that for me quite nicely.
After Katrina hit, I noticed something strange. Go there right now and look at the chart. Compare Hawaii's prices with the national average; notice that they don't skyrocket as the mean does even though the law went into affect the first of September. Also notice that while the price of oil does go up, it quickly goes back down. Strange because the economics suggest prices should be leaping.
Then I noticed this article. Here's a telling line: "The governor admits she's not sure the gas cap is forcing up prices because the companies are keeping their wholesale prices secret."
That's right. The goverment was able to create a law telling companies what to charge, but they have no way of knowing if the law is being followed. Thank God they are staying busy pushing string--means they can't do real harm.