Petroleum product price-gouging is funny...
The head of the Federal Trade Commission said a federal price-gouging law "likely will do more harm than good."
"While no consumers like price increases, in fact, price increases lower demand and help make the shortage shorter-lived than it otherwise would have been," FTC Chairman Deborah Platt Majoras told the hearing.
"That's an astounding theory of consumer protection," replied Sen. Ron Wyden, D-Ore.
Also...
Chevron's O'Reilly attributed the high energy prices to tight supplies even before the hurricanes struck. He said his company is "investing aggressively in the development of new energy supplies."
Note that he said "new energy supplies," not "new energy sources" or "alternative fuels."
The head of the Federal Trade Commission said a federal price-gouging law "likely will do more harm than good."
"While no consumers like price increases, in fact, price increases lower demand and help make the shortage shorter-lived than it otherwise would have been," FTC Chairman Deborah Platt Majoras told the hearing.
"That's an astounding theory of consumer protection," replied Sen. Ron Wyden, D-Ore.
Also...
Chevron's O'Reilly attributed the high energy prices to tight supplies even before the hurricanes struck. He said his company is "investing aggressively in the development of new energy supplies."
Note that he said "new energy supplies," not "new energy sources" or "alternative fuels."
posted by Woof at 9:26 PM
1 Comments:
This was one of my favorite quotes from the hearing:
"People are concerned about fairness and justice at a time of sacrifice. ... Your sacrifice appears to be nothing."
— Sen. Barbara Boxer, D-Calif.,
to oil executives after citing multi-million-dollar bonuses.
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