Sebastian Mallaby explains in a Washington Post op-ed.
So it's time for a quick refresher: Richard Nixon's early-1970s price controls were a disaster. Administering the controls on energy alone took an estimated 5 million man-hours per year and punished motorists with gas lines. Repeating this experiment by clamping down on oil trading is like burning your hand on a gas stove and then sitting on a barbecue.
