The FTC's bizarre definition of price gouging
A Republican congress approved this? We know that prices went up so the conclusion was already predetermined. Based upon that definition, this is what they found:
Here is one question. If it is price gouging whenever the average price rises, what do you call it whenever the average price falls? Uncontrolable altruism by companies? Is the ideal market one where the price never moves? If you are interested, you can see how much the price of gasoline goes up and down over time. Boy, there must be a lot of market power.
UPDATE: Fox News that I cited above may have blown this story. Here is what I just read in the WSJ.
However, I will say that I don't understand this market trend argument and I don't know why demand changes aren't included, especially since different blends of gas can make it hard to move gas from lower to higher valued areas.
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