With President Biden talking about employing the Defense Production Act to force petroleum companies to open the oil valves wider and produce more gasoline, we are reminded that there is no such thing as a government-provided outcome, environmental or otherwise, without cost. Consumer outrage at $5-per-gallon gas is evidently strong enough to get the attention of a president known for his commitment to improving the condition of the planet. It’s another version of that old saw famously associated with Nobel laureate and economist Milton Friedman: There’s no such thing as a free lunch. Today, inflation is putting a price tag on past political actions that only sounded free at the time.
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