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WATCHING GOVERNMENT: Price-gouging salvos begin

04/16/2007
The US summer driving season is 6 weeks away, and the first gasoline price-gouging salvos of 2007 have been exchanged.At a US Federal Trade Commission conference on energy markets and competition, Cambridge Energy Research Associates Inc. Chairman Daniel Yergin attempted to put concern about gouging in the context of lessons from the energy crises of the 1970s.One such lesson, he said, is that tight supplies and elevated prices are most effectively relieved when markets work without government interference.“The question the FTC will have to confront is what this word ‘gouging’ means and whether it’s necessary to intervene,” Yergin said. “It could look p...
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