With soaring gasoline prices beginning to cause economic hardship, Minnesota’s Commerce Department is cracking down on gas stations for charging prices that are too low. “The state adopted a law in 2001 that bars gas stations from selling gas without taking a minimum profit. These days, stations must charge at least eight cents per gallon more than they paid. The Commerce Department is now issuing its first fines for breaking the law. It fined Arkansas-based Murphy Oil $70,000 for breaking the law at its ten state stations, which are based at Wal-Mart stores,” and also fined one Kwik Trip station. (“Commerce Department Cracks Down on Under Priced Gas”, KARE11.com (Minneapolis-St. Paul), May 29)(via Truck and Barter). Another example, from Maryland: May 21, 2005.
Great moments in economic regulation
With soaring gasoline prices beginning to cause economic hardship, Minnesota’s Commerce Department is cracking down on gas stations for charging prices that are too low. “The state adopted a law in 2001 that bars gas stations from selling gas without taking a minimum profit. These days, stations must charge at least eight cents per gallon […]
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