From both a moral and an economical perspective, price controls on oil in the US would make tons of sense right now.

• The US oil producers have done nothing to deserve the current arbitrary price windfall. So morally acceptable
• The US economy would do much better without the price increase

The US is self sufficient with oil, so technically there is no problem with shortages if price controls were put into place.

But as Krugman said, in the current political environment, such price controls are simply not being considered. The US is run by free market morons.