Why should'nt the government regulate gasoline prices?

Government ruglation works fine for natural gas, electricity, and water without a problem. president Reagan said that by NOT regulating gasoline, the prices would drop. Was he wrong about that?
Update: History already shows that Government regulated gasoline prices keep prices low. The day after Reagan nixed the gasoline regulation, the price jumped over 100%. Smaller gas refineries went out of business and gasoline competition never became a reality, and never will.
Update 2: When Saddam Hussein started to give oil away for free in lieu of the so-called "embargo", did it have an effect on American oil profits by keeping the prices low?
11 answers 11