Can Congress fix the Broken Law of Supply and Demand?

Question

Recently, Congress has held hearings to figure out how to fix the broken Law of Supply and Demand that has caused Gas to go over $4 per gallon. Can congress pass another law to fix this broken law?

Answer 1

"Fixing" the law of supply and demand is like trying to fix the laws of gravity so planes won't crash.  You want to fix high gas prices?  Stop driving.  That's it, that's the only way.  If enough people stop, demand falls.  Supply is there so price falls.

Answer 2

I don't think that this congress can fix anything.

Answer 3

The law of demand and supply is a rudamentary tool used in economics that, under assumptions, is fairly simple and attainable.

Those assumptions though, such as human rational behavior and competitive markets are hardly met as well today.

Capitalism has this thing that no one really talks about much.. it is bubbles.  Bubbles occur due to the IRRATIONALITY of humans.  A phenomenon of over-exaggerated prices.  That is, how can a price of something on stock market or commodities exchange be more than what it is worth in reality?  The intangibility issue comes about.  And that's where "capitalists" come in.  After all, capitalists really don't do any tangible work.  That is really up to entrepreneurs and industry.  

For Congress to really, sincerely fix it, they would have to come to some of these realizations, but economics has been highjacked by econometrics and other statisitical measurements.  They left behind the theories that involved human interaction in markets a long time ago.

Answer 4

They could make it illegal to buy and use gas. the price would  drop like a brick thrown down a hole..