Some leading New York State lawmakers are obviously anxious to do something — anything — in response to the spike in gasoline prices. But sometimes the best response is no response, as the Empire Center’s director explains in this op-ed article in today’s New York Post.

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Even before Hurricane Katrina, the rising price of gasoline had prompted state Senate Majority Leader Joseph Bruno to call on Congress to “investigate” oil companies. Bruno suggested “gouging” might be the real culprit — as if OPEC production quotas, limited refinery capacity, federal environmental rules and skyrocketing global demand for petroleum products were the result of an industry conspiracy.With the added post-Katrina spike in gas prices, some elected officials may be willing to go even further. One of Bruno’s colleagues, Sen. John Bonacic, reportedly believes the state should consider capping the price of gasoline. The Orange County Republican may be the first New York legislator — but probably won’t be the last — to publicly float this particular bad idea.

It’s Economics 101 that price controls always lead to scarcity. When government limits the price of a commodity below the true market level, consumers demand more than producers are willing or able to supply. The result: long lines, reduced hours and hand-lettered “sorry, we’re out” signs taped over the pumps at your local Sunoco. In short, a return to the 1970s.