Still more on "Gouging"

I know this is quickly becoming a sick obsession of mine, but Ben Lieberman makes more good points on the issue at Heritage:

"Katrina hit the Gulf Coast on Aug. 29, and the resulting combination of reduced oil production, knocked-out refineries and closed pipelines sent gasoline prices skyrocketing nearly 50 cents per gallon in a week. At its worst on Sept. 5, the national average hit $3.06 per gallon."

and then:

"The lesson is that markets work. Katrina-induced supply shortfalls caused an immediate jump in prices, which quickly triggered a series of self-correcting actions. The additional profit motive sent the oil industry scrambling to make repairs even before the floodwaters had receded, bringing supplies back online very quickly. Similarly, the high prices attracted extra gasoline from Europe and elsewhere to the American market."