Re:America produces enough oil to meet its needs, so why do ...
by chii on Tuesday March 08, 2022 @08:54PM
(#30610106)
> so regardless of timing or how much blackout they experienced relative to everyone else, they did experience blackouts. And still paid a lot of money too.
free market doesn't guarantee anything. You're assuming that the free market without price control is supposed to guarantee the access to electricity, even at exorbitant prices.
Those who paid a high bill who did eventually got cut off - they got a bad deal because they weren't savy enough to do risk management, and didn't have enough information on such rare events.
Re:America produces enough oil to meet its needs, so why do ...
by rtpg on Wednesday March 09, 2022 @12:48AM
(#30611320)
Free markets _do_ presuppose supply being available if given enough money! Free markets assume atomic actors, instant feedback loops, and nothing like a supply ceiling.
The Texas blackout had a supply ceiling, but no price ceiling (and low elasticity in choice from the consumers, because people didn't want to freeze). It's a far cry from a free market during that week.
> But in exchange for the high bills, these customers did not experience blackouts, or at least experienced them later than others.
Yeah, so regardless of timing or how much blackout they experienced relative to everyone else, they did experience blackouts. And still paid a lot of money too. Lack of price controls didn't help them in the short term, and in the long term hurt them a lot.