Oh No, Here We Go Again

There are clear and demonstrable reasons why the price of gasoline is moving sharply higher:
- significantly reduced output from Nigeria due to political unrest
- fear of a supply disruption due to the growing Iranian crisis is bidding up prices
- the gasoline supply chain is having to make severe adjustments due to the horrible new energy bill
- increased demand the world over, but notably China and India.

So, with these very simple and very obvious explanations, what is the big talking point as we go into driving season? Yes, price gouging. Forget supply and demand, let's be on guard for "price gouging." GWB had a stern warning for price gougers today. First switchgrass and now this.

Repeat after me, "we have high gas prices, because we want high gas prices."

UPDATE: Prof. Mankiw is on the same wavelength, here's his post on price-gouging, and there is also this one from some other smart guy.