Government regulations stifle competition across multiple sectors of the economy, protecting incumbents and making it hard for new companies to emerge. While this is well-documented in areas such as health care and baby formula, it is also present in a niche yet vital industry: fire retardant.

"Fire retardant, the reddish liquid dropped from planes to slow spreading flames, has become an indispensable tool for saving lives and property from more frequent and intense wildfires," The New York Times reported on Wednesday. "But the entire supply of the product in the United States is controlled by a single company." That company is Perimeter Solutions.

Perimeter is the exclusive long-term fire retardant (LTFR) provider to the U.S. Forest Service—a position it has held since 2005—and is curre

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