The Federal Trade Commission said yesterday it found no evidence of gas price gouging following Hurricanes Rita and Katrina, reports the Washington Times. The FTC, for the report, defined price gouging as “any finding” that the average price of gasoline in designated disaster areas in September was higher than in August for reasons other than rising production or transportation costs or national or international market trends. “When you see them responding to prices going up by producing more, that’s a hallmark of competitive behavior,” said Louis Silvia, assistant director of the commission’s Bureau of Economics.
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05/23, 8:16 AM
posted by:
illnevertell
So…who paid who?
05/23, 8:54 AM
posted by:
Madcapp
We paid them, don’t you remember?
05/23, 11:13 AM
posted by:
Asher
Great, thanks FTC for continuing to instill faith on the part of US consumers…this is almost as pathetic as the gov’ts response to Katrina itself. Of course the Admin doesnt care about Black people so its not too big a surprise. The funniest poll I saw recently had Cheney’s approval rate by Black americans – it was literally 1%!!
05/23, 12:12 PM
posted by:
Adam
What a bunch of crap.
05/23, 1:18 PM
posted by:
Steve
The oil companies and several other industries own the government through lobbies. They are never going to punish themselves.
05/23, 6:52 PM
posted by:
Rudy
There hasn’t been a new refinery built in the U.S. in about 25 yrs. When those in that area were wrecked by the storm guess what happened to the supply. Releasing the reserves is just a political feel good move. It doesn’t matter how much crude you have. We are running existing refineries at max capacity. That is where the bottleneck is. I have worked at a refinery for the past 11 yrs so I have some idea how the business works. Gas will continue to b e expensive till we build more refineries and get into the ANWR supply. Till then enjoy that $5.00 cup of starbucks.
Asher. How did racism get into a discussion on the price of gas? Any idiot knows white people pay less for gas! ( Only joking! I’m a black man! )