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December 01, 2005
Did you think this was a segmented market?
New Jersey Attorney General Peter Harvey said Hurricane Katrina showed why a national law is needed. Gasoline price spikes happened in many areas outside hurricane-ravaged regions, but many prosecutors were unable to pursue price-gouging complaints because of rules requiring a state of emergency declaration before the laws kick in. "We found retailers raising their prices five or six times a day," Harvey said. "This had nothing to do with supply. This was New Jersey." [AP]
Fungible: "The noun fungible has one meaning: a commodity that is freely interchangeable with another in satisfying an obligation."
[Hat tip: Catallarchy]
Posted by Dingel at December 1, 2005 05:21 PM