A Senate Commerce and Labor Committee hearing on Tuesday shed some light on exactly how gas prices are set. Senator Mark Schauer says big out of state owned retailers lower prices in an attempt to increase market share. As a result, others lower their prices.
Eventually, some fall out of the competition and prices jump back up so retailers can regain from the marketing ploy.
A new bill would prohibit predatory pricing and also place a ceiling on how much retailers can charge when supplies are low.
The bill would help ensure free and fair competition between competitors. In the long run, supporters say it would provide customer choice and lower fuel costs.
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