Judge Napolitano on Gas Prices in Wake of Sandy: 'Free Market Can Allocate Resources Better Than Government Can'
In the aftermath of Hurricane Sandy, people have been left with significant property damage, and have been lining up for hours to get gasoline, especially in New York and New Jersey.
On today's Varney & Co., Stuart and the panel had a spirited discussion focusing on whether gas stations should be allowed to raise prices to ease the lines at the pump.
Stuart believes if the stations were allowed to charge what they wanted, there would be a revolution, and Judge Napolitano thinks
that is the practical way to go. "If buyers were willing to pay what they agreed to pay, there would be enough gas to go around," said Napolitano.
"The free market can allocate resources better than the government can," according to the judge, and gas station owners should be able to charge what they want.