Gas fuming.(Scan: Short news and commentary)(Brief Article)

Imagine that soaring demand for tofu among China's and India's rising middle classes puts pressure on soybean supplies. Prices jump. Then suppose a pair of record storms wipes out swaths of bean fields and processing plants. Would you be surprised if soybean prices shot up?

Certainly not. Economists know that's supposed to happen when production of any good lags behind demand. And it's healthy: Reducing the gap between supply and demand raises prices immediately, reduces the consumption that sparks shortages, encourages producers to put new sources into production, and entices users to find alternatives.

The only thing that could gum things up and prevent these balancing responses from taking place is if coercive power is used to prevent prices from rising. Then the inadequate supplies will get rationed the old-fashioned way: consumer lines and depleted stocks.

Alas, some in Congress, ranging from Democrat Charles Schumer to Republican Pete Domenici, have been hinting ...