Question about Biden's power to rein in gas price gouging

[90-percent]

This is a c&p from a good friend from my late 70's college days:


Ohh Jim.. don't you recall "On Aug. 15, 1971, in a nationally televised address, Nixon announced, “I am today ordering a freeze on all prices and wages throughout the United States.” It was Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II. That was a dramatic action then, why not now?


So, I guess my question is: Can President Biden lower the cost of gas simply by issuing an E.O.?

Thanks, DU mates. When it comes to questions like this, you guy blow the doors off google.


-90% Jimmy

[Beastly Boy]

1. Freezing gas prices at their record highs? Doesn't sound like a good idea.

The fossil fuel giants would love nothing more as the price of oil tumbles back down.

[90-percent]

4. I wasn't thinking about freezing

I was thinking about SOMEHOW lowering gas prices to a non-corporate-greed-price-gouging level.

thanks for responses so far,

-90%

[DemocraticPatriot]

5. Wage and price controls do not "freeze" prices at their highs--

they only prevent prices from going yet higher.

[ananda]

2. Gawd, I read it as rule (reign) instead of rein in.

I get it now.

[obamanut2012]

3. Yeah, what he thinks happened didn't happen

Not as fully as he believed. There was also a different international system in place. Plus, I hope you and your friend realize this had very bad economic effects for the US and our economy. The Wikipedia entry is actually quite good on the Nixon Shock:

https://en.wikipedia.org/wiki/Nixon_shock

[dumbcat]

6. The authority that Nixon used to issue that E.O.

expired in 1982.

The Economic Stabilization Act of 1970 (Title II of Pub.L. 91–379, 84 Stat. 799, enacted August 15, 1970,[2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers[3] as part of a general program of price controls within the American domestic goods and labor markets.

[link:https://en.wikipedia.org/wiki/Economic_Stabilization_Act_of_1970|

Sections 1901 to 1910 were omitted pursuant to section 1910 which provided that the authority conferred by this chapter expired at the close of June 30, 1982.

[link:https://www.law.cornell.edu/uscode/text/12/1901?qt-us_code_temp_noupdates=1#qt-us_code_temp_noupdates|

So no, I don't think President Biden has the authority to issue such an executive order. Contrary to popular belief, there are rules and limits on the scope of EOs.

[90-percent]

7. you all are the greatest.

well informed and understandable you all are. answers are irrefutable and buttoned up tight in a few sentences. i have a hard time making a point and expressing my thoughts accurately. i aspire to be accurately well informed and its not easy these days. we're all going through a stress test of democracy.

This start of WW2 Part Deux is the most terrifying event of my adult life. And the world is at a loss to stop it. And dictatorships may think its fine and dandy, although i think some dictatorships realize the bad PR is bad for their brand.

-jim