New York attorney general probes oil giants for signs of price gouging amid Ukraine war

[brooklynite]

Source: Politico

NEW YORK — State Attorney General Tish James is launching an investigation into whether oil companies are taking advantage of inflation and the Russian invasion in Ukraine to jack up prices.

With midterms coming up, Democrats have gone on the offensive in recent weeks to address voters’ concerns about rising gas prices. New York Gov. Kathy Hochul, who is facing a June primary, made reducing the gas tax a core part of her first state budget, despite opposition over the impact on funding mass transit.

Now James is weighing whether legal action is an option.

“Soaring gas prices are forcing working New Yorkers and low-income families to make difficult decisions on whether to pay bills or put food on the table,” James said Wednesday in a statement to POLITICO. “Price gouging is unfair and illegal and my office is determined to make sure it doesn’t happen in our state,” she said.

Read more: https://www.politico.com/news/2022/04/14/new-york-attorney-general-probes-oil-giants-for-signs-of-price-gouging-amid-ukraine-war-00025087

[Budi]

1. Ya know, I've always believed New York would be the 1st to hand an indictment down on...

..Trump, the family. Giuliani. Etc...

I really believed it would have happened by now....total faith that the Big Blue State of NY would not let us down.

What happened to indictiing Trump in the State of NY?

*no one knows?
*moved on to a populist headline because its an election year?
*the Bragg thing kinda messed it up..sorry folks

[William Seger]

2. Price gouging is an inevitable part of a "free market"

Rs love to blame worldwide inflation on Biden, but if he did anything like price controls to stem it, they'd scream bloody murder.

[OldBaldy1701E]

3. The NY AG needs to realize that gouging takes place all the time, not just during a war.

They want to go after Big Oil over gouging, don't stop with just the last few months!

[Magoo48]

4. "Probes oil giants", what's to probe?

They proudly post the gouge on untold numbers of American street corners every day.

Nationalize Big Oil until they are boldly regulated and legally restrained with absolute clarity.

[Mr. Evil]

6. Yup.

And knock it off with the $10B a year subsidies to oil companies.

[bucolic_frolic]

5. Retailers are testing what they can get away with, what consumers will pay

They haven't had free reign to probe market prices in a long time.

I went to buy a bottle of blackstrap this week. It was $3.99 forever, at both a regional super and a well-known old and large east coast super. Now it's $4.19 at one, and $4.49 at the larger one.

If increases had been due to producer prices, or wholesale prices, wouldn't 1) both increases be very very close, or 2) wouldn't the larger chain have a lower price due to larger volumes? I guarantee the smaller chain doesn't move 8 bottles per store a month.