FTC Finds Gas Price Gouging After Katrina
WASHINGTON (AP) – The Federal Trade Commission on Monday said it found 15 examples of gasoline price gouging after Hurricane Katrina, though the agency said it has not identified any widespread effort by the oil industry to illegally manipulate the marketplace.The agency sought to downplay the instances of price gouging by seven refiners, two wholesalers and six retailers, chalking up their soaring prices in September 2005 to "regional or local market trends."
For the purpose of the report, and as mandated by Congress, the FTC defined price gouging as "any finding" that the average price of gasoline in designated disaster areas in September 2005 was higher than in August 2005.
FTC sees no illegal gas price manipulation
WASHINGTON (Reuters) – An investigation by U.S. antitrust authorities found no evidence that oil companies illegally manipulated gasoline prices or constrained oil refining operations, the Federal Trade Commission said on Monday.
However, the agency said it had found 15 examples that fit lawmakers' definition of price-gouging at the "refining, wholesale, or retail level." It said factors like regional and local market trends appeared to explain the pricing in nearly all the cases.
“No, I tell you, that glass is 5% EMPTY!
I think your juxtaposition of the two articles is incorrect. If you read them carefully, the are not contradictory, nor are the headlines. It’s not the best writing, but the articles are consistent: 1) gas companies were not found to be manipulating gas prices and 2) come gas stations were found to be charging unfairly high gas prices. Manipulation occurs from the gas company. Gouging occurs at the pump.