Still No Carter Gas Lines

Walter Williams explains that, unlike the Carter policies of the 70s, we haven't seen gas shortages or lines at gas stations. Instead, the government has taken a price-flexibility approach, which allows gas stations to raise prices to bring supply and demand more inline. (Then again, is anything a success simply by saying, "It's better than during the Carter years?")

While I agree with what Williams is saying, artificially high prices can still exist in the short run because of relatively inelastic demand. The only true way to let the market work in an efficient way is to get rid of OPEC altogether.