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Re:America produces enough oil to meet its needs, so why do ... by s1artibartfast on Tuesday March 08, 2022 @02:10PM (#30604704)
That depends on the claimed reason.

Price floors can work very well at reducing consumption.

Re:America produces enough oil to meet its needs, so why do ... by cryptonector on Tuesday March 08, 2022 @04:05PM (#30606945)
Price ceilings also have a way of doing that (by limiting production, which therefore limits consumption).
Re:America produces enough oil to meet its needs, so why do ... by s1artibartfast on Tuesday March 08, 2022 @04:52PM (#30607630)
I totally agree, it also works for limiting sales of existing goods.

If you put a price ceiling of $1 on paintings, owners will hold and not sell.

If you want to kill the market for paintings, this would be very effective at doing so.

You can imagine similar impacts of price floors or ceilings for real goods like land and housing.