Gas Stations Fined for Post-Katrina Markups

From Times Wire Reports

Fifteen gas stations statewide have been fined $63,500 for marking their prices up so much after Hurricane Katrina struck the Gulf Coast that they boosted their profits by 25% or more, state Atty. Gen. Eliot Spitzer said in Albany.

Prices soared nationwide after the hurricane damaged refineries and offshore drilling and production rigs, but Spitzer said he focused on retailers' increase in profit when it far exceeded any rise in the wholesale cost of gasoline charged by the distributor.

"You cannot under New York law, and you cannot in good conscience, take advantage of an environmental debacle to extract unfair prices," Spitzer said.

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