NY Attorney General Subpoenas Craigslist For Post-Sandy Price Gougers

TheSync writes "In the wake of Hurricane Sandy, the New York State Attorney General has subpoenaed Craigslist, demanding that the site identify more than 100 sellers whose prices on post-Sandy gas, generators and other supplies were of an 'unconscionably excessive price' during an emergency. AG Eric Schneiderman said: 'Our office has zero tolerance for price gouging [and] will do everything we can to stop unscrupulous individuals from taking advantage of New Yorkers trying to rebuild their lives.'"

Comments

Supply and demand

[JBMcB]

If I remember the first thing we learned in Macro 101 correctly, if supply goes down, price remains the same and demand remains the same or increases, you run out of supply pretty quickly.

If you increase prices, you can afford to resell more expensive gas, trucking it in from further out of state.

What would you rather have: expensive gas, or cheap but non-existent gas?