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We have this from FEE Stories.
It’s worth noting that the word “price” never appeared in President Joe Biden’s 2020 executive order killing the Keystone XL Pipeline, an oil pipeline system between Canada and the US commissioned in 2010. Nixing the 1,700-mile pipeline, which could have carried roughly 800k barrels of oil a day from Alberta to the Texas Gulf Coast, did nothing to reduce the pain at the pump consumers are feeling today, with gasoline currently at more than $3.50 a gallon. But that was expected.
What perhaps was unexpected was that higher prices would result in additional fracking—a process many contend is harder on the environment than regular drilling, and a practice Biden has said he wants to “move gradually away from.”
So while the role prices play in an economy is one of the most basic lessons in economics, politicians of every stripe would do well to remember one of the greatest fallacies: overlooking secondary consequences.