Tom Friedman Says We Need Price Controls for Oil and Gas that Were a Disaster in 70s

EXCERPT:

FRIEDMAN: “But what we really need, Becky, would be an oil import tax that would basically set a price of oil in America at a price that would be stable and predictable for American oil producers to make a profit, to consistently drill, something like in the $50, $60 range. And if it ever fell below that, you tax it up. That’s what we need to have a stable supply of oil at a reasonable price point."
QUICK: "Whoa, we’re talking price controls? This was not what I expected to hear from you, Tom, because price controls, you take me back to the ’70s and you worry me a little bit with what we've seen before."
FRIEDMAN: "It’s saying that we’re going to have a stable, predictable price if you want to import oil to this country that will ensure our producers that if they want to pump oil, they’re going to make a profit and not be whipsawed."
QUICK: "They’re not going to be able to charge over that, either. The setting of a floor — "
FRIEDMAN: "I’m talking about a floor price."
QUICK: "Okay. But I don’t see that flying in Washington because they’re really mad right now prices have gone up. I didn’t see them complaining when prices went negative."
FRIEDMAN: "Sure. But unless you have a stable, predictable price, we’re going to go through, as we have been for how many years now, these kind of wild swings. And these companies, how many people went bust in the oil patch in the last 10 years?"