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Keyword: pricegouging

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  • CEO That Raised Drug Price 4,000 Percent Arrested

    12/17/2015 7:58:56 PM PST · by Tolerance Sucks Rocks · 50 replies
    Big Health Report ^ | December 17, 2015 | The Hill
    Martin Shkreli, who drew national scorn for hiking the cost of a life-saving drug 4,000 percent overnight, has been arrested, according to multiple reports early Thursday.The 32-year-old founder and CEO of Turing Pharmaceutical made headlines in September for raising the price of Daraprim, often used to treat HIV and AIDS patients, from $13.50 per pill to $750 per pill after buying the rights to the drug.His arrest is reportedly not related to that price increase.Shkreli is accused of illegally taking stock from a biotechnology firm he launched in 2011 called Retrophin Inc., Bloomberg reported, and using it to pay off...
  • United Airlines sues 22-year-old who found way to get cheaper plane tickets

    12/30/2014 10:25:05 AM PST · by george76 · 98 replies
    kdvr ^ | December 30, 2014
    A young computer whiz from New York City has launched a site to help people buy cheap plane tickets. But an airline company and its travel partner want to shut him down. United Airlines and Orbitz filed a civil lawsuit last month against 22-year-old Aktarer Zaman, who founded the website last year. The site helps travelers find cheap flights by using a strategy called “hidden city” ticketing. The idea is that you buy an airline ticket that has a layover at your actual destination. Say you want to fly from New York to San Francisco — you actually book...
  • Unprepared New Yorkers Battle Price Gouging

    11/06/2012 5:03:21 PM PST · by Tolerance Sucks Rocks · 23 replies
    Personal Liberty Digest ^ | November 6, 2012 | Sam Rolley
    Being prepared for disaster is a way of life for many American preppers, but there are also many people throughout the Nation completely unprepared for the unthinkable. Those who are unprepared become easy targets for victimization. Since Superstorm Sandy struck New York, there have been hundreds of reports of price gouging in the area as frantic city-dwellers rush about in search of basic supplies. New York State Attorney General Eric Schneiderman said Monday that he was in the process of investigating more than 400 possible cases of price gouging as prices on things like gasoline, food, bottled water, generators, batteries...
  • Bill Would Prohibit Snow Removal Price Gouging

    03/02/2011 10:15:59 PM PST · by matt04 · 62 replies
    HARTFORD, Conn. -- A bipartisan group of lawmakers proposed legislation to prohibit price gouging for snow removal, flood abatement and other services. To stop price gouging, which many say occurred during this winter's record snowfall and fears of roofs collapsing, lawmakers want to make the practice in emergency situations illegal. Those found price gouging would face a fine, according to the bill.
  • U.S. Senator proposes waiting period for ticket resellers (Chuck Schumer)

    04/06/2009 2:25:50 AM PDT · by DemforBush · 17 replies · 678+ views
    Yahoo ^ | 4/6/09 | JoAnne Allen
    WASHINGTON (Reuters) – Sen. Charles Schumer on Sunday unveiled a proposal aimed at giving fans a better chance to buy hot concert tickets at face value before ticket resellers scoop them up and raise the prices...
  • Gas shortages reportedly critical in western N.C.

    09/25/2008 7:23:52 AM PDT · by Between the Lines · 83 replies · 2,330+ views
    News and Observer ^ | Sep 25, 2008 | Steve Lyttle
    Hundreds of cars lined streets this morning as motorists in the Charlotte metro region tried to cope with an ever-worsening gasoline shortage situation. Some motorists waited up to five hours, and fights were reported as people accused other customers of cutting in line. Some gas stations that opened this morning with what they thought were ample supplies ran out within a few hours. Police were called out several times to break up fights among angry customers. North Carolina Gov. Mike Easley announced late Wednesday night that he had ordered tanker trucks from Tennessee, Wilmington and South Carolina to deliver gas...
  • Atlanta gas crunch: 'We've got no gas here'

    09/25/2008 1:17:31 PM PDT · by Scythian · 81 replies · 1,974+ views
    "We're dry. We've got no gas here," Hussain, the station's manager, said Monday morning. He said he has "no idea" when the next shipment will come, even though he's been in constant contact with the local terminal. "It could be days," he said. "Obviously, we're disappointed. We're being patient. That's all we can do."
  • Is it price-gouging? No, it's 'resource allocation'

    09/22/2008 1:42:50 AM PDT · by Maurice Tift · 18 replies · 414+ views
    The Augusta Chronicle ^ | September 22, 2008 | Mark A. Thompson
    Gas stations should be allowed to charge any price they want. Stop and think. There are gas stations all around us. All of them havesimilar products and must compete with one another. We have regulations and agencies that watch to make sure there are no cooperative arrangements among stations. Why, then, are price-gouging laws such a bad idea? First, the price restriction interferes with market forces. For example, gas stations anticipate a lack of supply of gas over the next couple of weeks because of the hurricane in the gulf. They raise their gas prices to allocate the remaining supplies...
  • Do Hurricanes Cause Shortages?

    09/16/2008 7:59:48 AM PDT · by djsherin · 16 replies · 456+ views
    Mises Institute ^ | September 15, 2008 | Art Carden
    The Huntsville Times reported on September 12 that, in response to the looming threat from Hurricane Ike, Alabama Governor Bob Riley declared a formal state of emergency. The governor's declaration of emergency activated the state's price-gouging law, which makes "unconscionable pricing" illegal during times of emergency. The Times quoted Riley as saying that he thinks "a threat to public health is a strong possibility due to the shortage of fuels." Hurricanes don't cause shortages, however. Price controls do. A "shortage" occurs when the amount of a good demanded exceeds the amount of a good supplied at the prevailing price. In...
  • Price Gouging: Because of the Hurricanes, We Need It

    09/16/2008 5:28:19 AM PDT · by Invisigoth · 32 replies · 226+ views
    North Star Writers Group ^ | September 16, 2008 | Paul Ibrahim
    This column examines current examples of anti-“gouging” impulses in areas affected by recent hurricanes. For an in-depth explanation of the benefits of “price-gouging,” please see yesterday’s column. The following is part of a press release issued yesterday by the Florida Department of Agriculture and Consumer Services: [Commissioner] Charles H. Bronson today announced that his office received nearly 2,200 price-gouging calls over the weekend and 816 complaints – virtually all involving the price of gasoline. All of the complaints are being investigated, and subpoenas will be issued later today for oil company records . . . “We are committed to making...
  • Thank God for Price Gouging

    09/15/2008 5:30:09 AM PDT · by Dukes Travels · 35 replies · 107+ views
    North Star Writers Group ^ | September 15, 2008 | Paul Ibrahim
    This column deals with the theory behind “price gouging.” Tomorrow’s column will apply the theory to recent and ongoing situations in hurricane-affected areas. In wake of the recent hurricanes that have hit the south, the recurrent issue of “price gouging” has inevitably arisen as officials in the affected areas go on a hunt for any vendor who dares to raise prices. Little do they know, however, that they are doing the people they serve a major disservice. Let’s take the gas stations as an example. No one knows where their prices should be at any one point except for the...
  • Governor Declares State Of Emergency In Kentucky

    09/12/2008 1:41:12 PM PDT · by Old Sarge · 241 replies · 2,536+ views
    WHAS-11 ^ | 12 SEP 2008
    LOUISVILLE, Ky. (AP) -- Kentucky's governor has signed an order declaring a state of emergency and invoking the state's anti-price gouging law as Hurricane Ike bears down on the Texas coast. Gov. Steve Beshear signed the order on Friday, saying gas stations started raising fuel prices overnight before the storm made landfall. Beshear signed the order at the request of Attorney General Jack Conway, who said in a letter released Friday that invoking the law now will help prevent predatory pricing.
  • Spike in pump prices triggers price-gouging law

    09/12/2008 1:09:44 PM PDT · by SuperSonic · 50 replies · 134+ views ^ | Sept. 12, 2008 | Stacy Davis/Matthew Burns
    Raleigh, N.C. — Gov. Mike Easley on Friday implemented the state's price-gouging law as gas prices jumped amid fears that Hurricane Ike would cripple U.S. refining capacity. Refineries along the Texas Gulf Coast, which handle about one-fourth of the U.S. daily demand, were shutting down operations Thursday and Friday in advance of Ike, which was expected to hit the coast late Friday or early Saturday. Under North Carolina law, the governor must make a disaster or emergency declaration or proclaim an abnormal market disruption for critical goods and services for the state Attorney General's Office to investigate and prosecute allegations...
  • Probation, fines for 9 convicted in Newsday (circulation) scandal (Dinosaur Media DeathWatch™)

    09/03/2008 11:26:25 AM PDT · by abb · 14 replies · 440+ views
    Newsday ^ | August 30, 2008 | ROBERT E. KESSLER, JAMES T. MADORE and EMI ENDO
    The nine people convicted in the Newsday circulation scandal were each sentenced Friday to 5 years' probation and up to $125,000 in fines, escaping potential restitution totaling $5.9 million and up to 20 years in prison. Those sentenced - in what federal prosecutors said was the end of their investigation - included Louis Sito, a former top Newsday executive who ran the newspaper's day-to-day business operations, and Robert Brennan, former vice president of circulation. Sito also served as vice president of Hispanic media at Tribune Co., which owned Newsday and the Spanish language Hoy, also implicated in the scandal. The...
  • House fails to pass gasoline price gouging bill

    06/24/2008 4:31:33 PM PDT · by Sub-Driver · 12 replies · 40+ views
    House fails to pass gasoline price gouging bill Tue Jun 24, 2008 7:03pm EDT By Tom Doggett WASHINGTON (Reuters) - Following a White House veto threat, the House of Representatives on Tuesday failed to passed legislation giving the Federal Trade Commission the authority to punish oil companies that charged excessive prices for gasoline during supply emergencies. The vote was 276-to-146 in favor of the bill, falling short of winning the two-thirds "yes" votes necessary to clear the chamber.
  • Feds Agree To Fund NYC Congestion Pricing

    08/13/2007 7:59:48 PM PDT · by Extremely Extreme Extremist · 15 replies · 647+ views
    WCBSTV.COM ^ | 13 AUGUST 2007 | AP
    Bloomberg's Plan To Charge $8 Still Very Much Alive (CBS/AP) WASHINGTON -- New York's plan to reduce traffic by charging tolls to drivers entering the busiest part of Manhattan will get a major boost from the government, which has agreed to fund the pilot project, congressional aides said Monday. If implemented, the congestion pricing scheme proposed by Mayor Michael Bloomberg would be the first of its kind in the nation. London and Singapore have similar toll programs. For weeks, New York officials haggled over whether to approve the mayor's idea in time to qualify for a share of $1.2 billion...
  • Top gas gouger? The government!

    06/19/2007 8:36:41 PM PDT · by captjanaway · 4 replies · 418+ views
    WorldNetDaily ^ | June 19, 2007 | Alyssa Farah
    WASHINGTON – With summer travel in full gear and motorists more conscious of the price of gasoline than ever before, few Americans realize that up to 60 cents of the cost per gallon is the result of local, state and federal taxes. In fact, despite allegations of price-gouging, some retailers say they are actually losing money on every gallon they pump.
  • Peanut Butter Sandwich Index (V)

    05/28/2007 7:23:55 PM PDT · by the invisib1e hand · 2 replies · 258+ views
    reality | May 28, 2007 | it's a vanity, so...
    New York City, Downtown: Skippy Peanut Butter, Pepperidge Farms "Heart White" bread: 9 sandwiches, $8.00 ~~ $0.89 per sandwich. Any other locales want to weigh in?
  • Airlines dream up extra fees (my alternate title?: "Now *That's* The Free Market!")

    05/06/2007 6:44:23 PM PDT · by jiggyboy · 16 replies · 875+ views
    San Francisco Chronicle ^ | Sunday, May 6, 2007 | David Lazarus
    [C]arriers have introduced a variety of fees to reach even deeper into customers' pockets. Some, like Northwest Airlines, are charging as much as $15 for coach passengers to reserve a more leg-friendly aisle seat. Others, like American Airlines, are charging up to $15 for changes to seat assignments that aren't made online.
  • Lawmakers take aim at gas price gouging

    02/28/2007 8:09:09 PM PST · by libertarianPA · 19 replies · 537+ views
    AP via Yahoo! News ^ | 2/28/07 | H. JOSEF HEBERT
    WASHINGTON - Although gasoline prices have dropped sharply from last summer, 79 lawmakers sought to send a message Wednesday, introducing a bill that would impose stiff penalties on oil and gas companies for price gouging. With prices at the pump rebounding in recent weeks, Rep. Bart Stupak (news, bio, voting record), D-Mich., said he's worried "this summer prices may once again exceed $3 a gallon." The bill introduced by Stupak and 78 other members of the House would establish the first federal law against price gouging by oil and gas companies, imposing criminal penalties and fines of up to $150...
  • CA: Gov. Tells State Panel to Monitor Gas Prices (wants dibs on any oil released from Petro Reserve)

    08/10/2006 9:29:43 AM PDT · by NormsRevenge · 22 replies · 300+ views
    Reuters on Yahoo ^ | 8/10/06 | Reuters
    LOS ANGELES (Reuters) - California Gov. Arnold Schwarzenegger on Wednesday directed the state's energy commission to monitor gasoline prices in the wake of BP's pipeline problems in Alaska, the governor's office said. Schwarzenegger also asked U.S. Energy Secretary Samuel Bodman to make the West Coast a priority for any oil shipments from the Strategic Petroleum Reserve. Gasoline prices in California have been steady in most of the state since Sunday, when BP announced it was shutting about 400,000 barrels per day of production from the Prudhoe Bay oilfield on Alaska's North Slope. The AAA motor club showed on Wednesday the...
  • Sparks fly as ExxonMobil profit tops 10 billion dollars

    07/27/2006 11:06:05 PM PDT · by Anita1 · 90 replies · 2,013+ views
    REUTERS ^ | Jul 27 12:38 PM US/Eastern
    Surging oil prices helped drive quarterly profits for US energy giant ExxonMobil to 10.36 billion dollars, the latest in a string of mammoth profit reports that have drawn fire for the industry. The second-quarter profit was up 36 percent from a year ago and approached the company's all-time record profit of 10.71 billion dollars that was believed to be one of the biggest for any company... The soaring profits of ExxonMobil and other oil groups have generated fierce criticism about the industry profiting from consumer misery, prompting some US lawmakers to call for a "windfall" profits tax. The oil industry...
  • Governor orders probe into price gouging

    06/16/2006 7:54:46 AM PDT · by SmithL · 17 replies · 276+ views
    Contra Costa Times ^ | 6/16/6 | Mike Zapler
    SACRAMENTO - Gov. Arnold Schwarzenegger on Thursday ordered state investigators to expedite a probe into whether oil companies engaged in price gouging and said that California experienced an "unusual" spike in gasoline prices this spring compared with other regions of the country. High gas prices have emerged as a major concern among voters -- and among politicians worried about a backlash at the polls this election year. Schwarzenegger, facing a tough campaign this fall, is trying to take an aggressive stance on the issue. "I want to assure the citizens of the state that whatever the reasons for" the spike...
  • The Big Oil price gouging myth (Freeper op-ed)

    05/25/2006 12:05:10 PM PDT · by Mr. Silverback · 41 replies · 1,124+ views
    Freeport (Illinois) Ink | 11 May 06 | Me
    The Democrats and Republicans continued their race to the bottom this week, and for a while they wish to run on the same track. Democrats spouted their annual pretended outrage at gas prices, and this time the GOP joined them, with Senate Leader Frist, Speaker Hastert and President Bush all rushing to call for another fruitless price gouging investigation. While we wait for the Beltway bloviators to call for repeal of the law of supply and demand, let’s look at eight facts they don’t seem willing to discuss. 1. The big oil companies recently posted record profits, but they also...
  • The Gas-Gouging Myth

    05/24/2006 3:24:32 PM PDT · by MikeA · 2 replies · 339+ views
    We're beginning to wonder how many times Congress is going to call for an investigation into gasoline "price gouging" -- and how many times the Federal Trade Commission is going to report none exists -- before that august body begins to grasp the basics of supply and demand. Yesterday FTC Chairman Deborah Platt Majoras testified to the Senate about her agency's latest non-findings of price manipulation. Ms. Majoras noted her staff had investigated every possible form of chicanery -- whether refiners were running their plants below full capacity to restrict supply, making less gasoline or diverting fuel outside the U.S....
  • House passes anti-gouging bill

    05/04/2006 12:18:48 AM PDT · by Extremely Extreme Extremist · 56 replies · 789+ views
    WASHINGTON (MarketWatch) -- The House of Representatives, aiming to deal with public outrage over soaring gas prices, approved legislation Wednesday that would force energy companies that "gouge" customers to face multi-million dollar fines and criminal penalties. The bill easily cleared the House on a 389-34 vote. It now awaits action by the Senate. Separately, Democrats defeated a measure designed to streamline the permit process for new refineries. If enacted, the anti-gouging legislation would first require the Federal Trade Commission to come up with a definition of the practice. There is no federal law that defines or prohibits gouging, although many...
  • being "gouged"? did it hurt? here's where you can whine and opine as recommneded by my Senator.

    04/25/2006 1:51:47 PM PDT · by Rakkasan1 · 25 replies · 728+ views
    me ^ | 4-25-06 | Rakkasan1
    just heard on the radio that Sen.Coleman wants to be notified about price gouging for gas. the site to let him know is I think I'll let him know his decision to not drill in ANWR is gouging what I'll pay in the future . taxing gas at high rates doesn't help either. Feel free to add to the list of stupid things our gubmint does to make our lives more entertwined with their sense of self importance with regards to energy.
  • (President) Bush Orders Probe Into Gas Price Cheating

    04/24/2006 6:47:55 PM PDT · by xzins · 82 replies · 1,604+ views
    Las Vegas Sun ^ | 24 Apr 06 | Nedra Pickler
    Bush Orders Probe Into Gas Price Cheating By NEDRA PICKLER ASSOCIATED PRESS ABOARD AIR FORCE ONE (AP) - President Bush is trying to calm Americans' outrage over soaring gas prices by ordering an investigation into whether the price of gasoline has been illegally manipulated, his spokesman said Monday. During the last few days, Bush asked his Energy and Justice departments to open inquiries into possible cheating in the gasoline markets, said White House press secretary Scott McClellan. Bush planned to announce the action Tuesday during a speech in Washington. Bush is under pressure to do something about gas prices that...
  • Bush promotes fuel cells, rides his bike on Earth Day

    04/22/2006 9:32:49 AM PDT · by SmithL · 29 replies · 1,458+ views
    AP ^ | 4/21/6 | NEDRA PICKLER
    ST. HELENA, Calif. -- Unable to drive down high oil prices, President Bush is spending Earth Day promoting futuristic hydrogen fuel technology as a way to wean Americans from gas-guzzling vehicles. After a bike ride near his Napa Valley resort Saturday morning, Bush planned to visit the California Fuel Cell Partnership in West Sacramento for a tour and speech on his energy plan. The plan does not include any measures that would reduce gas prices in the short term, the White House acknowledges. But with Republicans worried that the increasing cost to drive could hurt them in the voting booth...
  • US to Watch for Gas Price-gouging: Bush

    04/18/2006 8:09:46 AM PDT · by ex-Texan · 445 replies · 4,865+ views
    Reuters ^ | 4/18/2006 | Staff Writers
    WASHINGTON (Reuters) - President George W. Bush said on Tuesday he is "concerned" about high gasoline prices, and pledged that the U.S. government will keep a close watch out for profiteering. "I'm concerned about higher gasoline prices," Bush said at a Rose Garden news conference to name new staff appointments. "The government has the responsibility to make sure that we watch very carefully and investigate possible price-gouging, and we will do just that," Bush said in unprompted remarks about energy prices. U.S. crude oil futures hit a record of $70.88 a barrel on Tuesday on fears of supply disruptions in...
  • As US stocks grow, they're saying that it's an oil glut

    04/09/2006 2:33:30 PM PDT · by Flavius · 28 replies · 1,091+ views
    smh ^ | March 22, 2006 | na
    CRUDE oil traded near a one-week low in New York amid speculation a report today will show US supplies last week rose to their highest in almost seven years. Stockpiles probably gained for a sixth week, climbing 0.8 per cent in the period ended March 17, according to a survey. This would increase inventories to their highest since April 1999. "People are talking about a glut now," said Mark Waggoner, president of Excel Futures in Huntington Beach, California. Crude oil for April delivery was at $US60.05 a barrel, down US37c, in after-hours electronic trading. The contract plunged $US2.35, or 3.7...
  • Report: Rise in gas prices is deliberate

    03/11/2006 10:02:23 AM PST · by Crackingham · 42 replies · 1,130+ views
    Mobile Register ^ | 3/11/6 | Ben Raines
    A report released this week by attorneys general from four Midwestern states suggests that natural gas prices have been artificially inflated by energy trading companies and by the system that local utilities use to buy gas. Many of the purchasing practices and price-setting mechanisms identified as unfair to consumers in the Midwestern report are used by Mobile Gas Service Corp., the Mobile Register has discovered. "Obviously there are issues there (in Alabama) that need to be examined," said Wisconsin Attorney General Peg Lautenschlager, after discussing Alabama buying practices with Register reporters. She compiled the Midwestern report with her counterparts in...
  • Cabby Socks Woman: Cops

    12/21/2005 12:07:25 PM PST · by Dichroic · 49 replies · 1,541+ views
    New York Post ^ | December 21, 2005 | DOUGLAS MONTERO, ALEX GINSBERG and C.J. SULLIVAN
    December 21, 2005 -- A cabby belted an Upper East Side woman in the face last night after she argued that she was overcharged on an eight-block ride, police said ......... Lillian Gauna, 34, said she hailed the cab at 88th Street and Third Avenue at around 8:30 p.m. and asked the driver to take her to 81st Street and Second Avenue. The driver, Muhammed Lone, 29, insisted she pay an extra $5 on top of the $10 "single zone" flat fare that the new strike rules call for, she said. When she refused, Lone allegedly leaped out of his...
  • NY Gas Stations Fined for Gouging (NC state gas tax going up - twice in 2006)

    12/19/2005 4:41:01 PM PST · by Libloather · 9 replies · 708+ views
    R News ^ | 12/19/05
    Gas Stations Fined for Gouging by R News Staff Published Dec 19, 2005 Fifteen gasoline stations statewide have been fined more than $63,000 dollars by New York state for jacking up prices after Hurricane Katrina Attorney General Eliot Spitzer's office released Monday the results of a three-month investigation into the gouging. The No-Co gas station on West Main Street in Webster is among those fined for the gouging. State officials say three oil companies, Getty, B.P. Amoco and Lukoil set prices for the service stations they control. Spitzer's office says the investigation of other retailers continues. Local gas prices hit...
  • Gasoline price controls a bad idea

    11/29/2005 8:51:26 AM PST · by John Semmens · 8 replies · 391+ views
    Arizona Capital Times ^ | 25 Nov 2005 | John Semmens
    In response to this year’s soaring gasoline prices, Arizona Attorney General Terry Goddard is on a crusade to try to get Congress, the state Legislature — anyone — to buy his plea to try to repeal the law of supply and demand. His case rests on a foundation of economic ignorance. Mr. Goddard has observed gasoline prices rising in the face of anticipated shortages and concluded that “market forces are not working.” Mr. Goddard is mistaken in his analysis. Rising prices under such circumstances are both inevitable and remedial. The solution, Mr. Goddard says, is to give him the power...
  • US senators demand oil execs re-testify, under oath (Ever Shrinking DemocRATS)

    11/16/2005 11:23:31 PM PST · by indianrightwinger · 40 replies · 982+ views
    US senators demand oil execs re-testify, under oath Nov 16 6:44 PM US/Eastern Email this story Senate Democrats demanded that oil company executives who testified last week about skyrocketing energy prices reappear before lawmakers and testify under oath, after news reports raised questions about the truthfulness of their testimony. Leading oil company executives long have denied taking part in a secretive energy task force run in 2001 by Vice President Dick Cheney, but White House records obtained by The Washington Post refuted that, according to the daily's editions on Wednesday. The ad hoc group was tasked with helping develop a...
  • Ignoring economics, Part II - Thomas Sowell

    11/16/2005 6:13:23 AM PST · by GeorgiaDawg32 · 5 replies · 351+ views
    JewishWorldReview ^ | 11/16/05 | Thomas Sowell
    Whenever there have been sharp rises in gasoline prices, whether nationwide or locally in California, Senator Barbara Boxer has loudly demanded an investigation of the oil companies. These repeated investigations over the years have repeatedly failed to turn up anything other than supply and demand. The real irony is that it has been precisely liberals like Barbara Boxer who have been the chief obstacles to increasing the supply of oil because they are dead set against drilling for oil in more places and against building more refineries.
  • Who's Gouging? (Government tax receipts since 1977 larger than oil company profits)

    10/30/2005 3:48:29 PM PST · by Uncledave · 9 replies · 542+ views
    Who's Gouging? Tax Prof points out that the main source of high gasoline prices isn't oil company profits: [T]he biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry. [F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late 1970s and now total roughly $58.4 billion. Due in part to substantial hikes in the federal gasoline excise tax in 1983, 1990, and 1993, annual tax revenues have continued to grow. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount...
  • Oil and Apples (an advertisement)

    10/30/2005 9:32:03 AM PST · by harpu · 5 replies · 433+ views
    Dallas Morning News (Page 3P) | 10/30/05 | ExxonMobil
    Oil industry earning are high, but not out of step with other industries. This week, ExxonMobil's earnings are in the news. But is there more to the story than the headlines? ExxonMobil's earnings are indeed at a record high, driven largely by the price of the commodities they sell. But if you compare profits per dollar of revenue across a wide range of U.S. companies - a true "apples to apples" evaluation - you see that oil earnings are not out of step with other major industries. As the chart below shows, oil and gas industry earnings averaged 7.7 cents...
  • Gas retailers slow to drop prices, reap big returns

    10/24/2005 11:22:08 AM PDT · by JZelle · 73 replies · 1,671+ views
    The Washington Times ^ | 10-24-05 | Brad Foss
    When pump prices skyrocketed after Hurricane Katrina, gasoline retailers were caught in an uncomfortable paradox -- they were accused of gouging at the same time their profits were being squeezed by runaway costs at the wholesale level. Now the reverse is true. The outrage from consumers and Congress has died down just as gas stations across the country are reaping some of their best returns at the pump in years by passing along huge savings at the wholesale level as slowly as possible.
  • Price Gouging? Whose business is it anyway?

    10/02/2005 3:00:58 PM PDT · by street_lawyer · 87 replies · 1,153+ views
                Paying an empty suit that can cry or laugh on cue more than minimum wage is gouging the public. Movie prices could be lowered by say 50% if the government were to limit the amount Hollywood could pay to someone like Sean Penn or Barbara Striesand?            And what about housing prices? Is it price gouging when an owner who paid $150,000 three years ago is now demanding $400,000?            Without a doubt Bill Clinton is not worth $100,000 to speak for a few minutes on any subject, but I guess that is not price gouging as long as people are...
  • Price-gouging?

    09/29/2005 11:36:23 AM PDT · by JZelle · 97 replies · 1,312+ views
    The Washington Times ^ | 9-29-05 | Richard W. Rahn
    If you bought a home 10 years ago for $100,000 and just sold it for $300,000, have you engaged in price gouging? Most people would say "no," provided there were willing buyers and sellers of both sides of the transaction merely responding to the market at the time. As a result of hurricanes Katrina and Rita, some politicians have demanded prosecution of "price gougers." In many states, like Florida, "price gouging" is illegal. The Florida statutes say, "It is illegal to charge unconscionable prices for goods or services following a declared state of emergency." Hmmm, I know what the law...
  • Congress moves to outlaw gas gouging

    09/19/2005 2:43:04 AM PDT · by Crackingham · 8 replies · 718+ views
    Seattle Post-Intelligencer ^ | September 19, 2005 | Charles Pope
    <p>Righteously incensed over the price of gas, government on all levels is springing into action. Congress has been busiest of all, conducting hearings, holding news conferences and drafting legislation. One bill being written by Sen. Maria Cantwell, D-Wash., would make price gouging a federal offense and heavily fine violators. Another bill to be introduced in the House will call for increased fuel efficiency, and still another, to be introduced in both houses, would impose a windfall profit tax on oil companies.</p>
  • Barking about gasoline

    09/12/2005 2:38:19 AM PDT · by Crackingham · 28 replies · 849+ views
    Townhall ^ | 9/12/05 | Jeff Jacoby
    What is it about the price of gasoline that turns seemingly normal politicians into barking economic demagogues? When Jill puts her house on the market for $450,000 -- triple what she paid 10 years ago, but the going price in her neighborhood today -- the politicos understand that the 200 percent markup is the result of supply and demand in the real estate market. Senators don't call press conferences to denounce Jill as a profiteer. Attorneys general don't threaten to prosecute her. Governors don't compare her to looters. But when Joe's service station ups the price of gasoline by $1...
  • Pump It Up. Don't worry about price gouging now. Worry later.

    09/11/2005 6:47:22 AM PDT · by .cnI redruM · 3 replies · 426+ views
    Slate ^ | Posted Wednesday, Sept. 7, 2005, at 10:18 AM PT | By Austan Goolsbee
    Just before Hurricane Katrina hit the Gulf Coast, the president told the country he would punish lawbreakers and singled out a trio of evildoers: looters, charity scammers, and price gougers. Maybe because they didn't do enough to stop the first two, state and federal governments have aggressively pursued the gougers. In doing so, they have embraced a radically expansive and unreasonable view of what gouging entails—when what they should focus on is what happens next, when prices ought to come down. When Katrina hit, prices for gasoline rose dramatically throughout the country, in some places by more than a dollar...
  • No gouging, just supply and demand

    09/08/2005 11:08:53 AM PDT · by aynrandy · 225 replies · 2,506+ views
    Denver Post ^ | 09.08.05 | David Harsanyi
    Gouging - even the word sounds frightening. These days, there's been a near-unanimous call for the public to be outraged over price-gouging at gas pumps around Denver. Well, I'm not outraged, and you shouldn't be either. Here in Colorado, as elsewhere in the nation, high gas prices have generated hysterical, populist rhetoric from those who've forgotten the fundamental principles of supply and demand. "Gas-price gouging is not illegal under Colorado law, and we think it should be," Colorado Speaker of the House Andrew Romanoff recently claimed. I'm not sure what Romanoff meant by "we" - I would like to be...
  • Short-Term Energy Outlook

    09/08/2005 12:36:15 PM PDT · by BOBTHENAILER · 19 replies · 599+ views
    EIA ^ | September 8, 2005 | US Government
    Hurricane Katrina The possibility of energy market disruption amid this very active hurricane season turned to reality with the arrival of Katrina. In this issue, EIA examines some plausible paths to recovery. The Gulf of Mexico coast region is a major oil and natural gas supply center for the United States with significant offshore oil and natural gas production, refining capacity, and petrochemical facilities, and serves as a major import hub and nexus for pipeline infrastructure. In the Gulf coast region, Federal offshore crude oil production accounts for 1.5 million barrels per day (29 percent of total U.S. production); crude...
  • In praise of price gouging

    09/07/2005 10:37:03 AM PDT · by manny613 · 105 replies · 1,201+ views
    Politicians and the media are furious about price increases in the wake of Hurricane Katrina. They want gas stations and water sellers punished....
  • Gouge On....

    09/07/2005 6:21:03 AM PDT · by StatenIsland · 21 replies · 443+ views
    NRO ^ | 09/02/05 | Jerry Taylor
    Price controls, however, come at a cost. Lower prices result in more demand for fuel than do higher prices. That’s why the first thing we notice about price controls is that they lead to shortages. Price to the left of the intersection of the supply-and-demand curve and you are guaranteed to vaporize whatever you are attempting to keep inexpensive. It happened in 1973 when President Nixon imposed price controls on oil — gasoline lines were the result. It happened in 2000/2001 when California Governor Gray Davis refused to lift retail price controls on electricity — blackouts soon followed. Empty shelves...
  • WSJ: In Praise of 'Gouging' - It helps cope with supply shocks and prevents shortages.

    09/07/2005 6:21:41 AM PDT · by OESY · 88 replies · 1,345+ views
    Wall Street Journal ^ | September 7, 2005 | Editorial
    ...Some 20 states... already have anti-price-gouging laws on their books-- and many governors have declared emergencies to invoke them. These de facto price controls typically place ceilings of between 10% and 25% on how much companies can raise prices in the wake of a natural disaster. In almost all cases such laws are wrong-headed, because they exacerbate supply problems by short-circuiting the price system that matches supply with demand. ...If governments will not allow the price system to ration the demand for gas, a new "price" system will emerge called gas lines.... Let's explain why prices have been rising. Katrina...