Socony-Vacuum Oil Co. [read post]

Miles case, the Court held that resale minimum price fixing was illegal per se under Section 1.[11] It found horizontal price-fixing agreements to be per se illegal in Socony Vacuum.[12] Since Socony Vacuum, the Court has limited the application of per se illegality to bid rigging (a form of horizontal price fixing),[13] horizontal market divisions,[14] tying,[15] and group boycotts[16]. [read post]

  Thus, gasoline price fluctuations after a disaster are not breakdowns in the market system, but rational, predictable responses to changing circumstances.[22]  Statistically, the responses to Hurricane Katrina and Rita tracked the supply-and-demand model almost perfectly.[23] Consequences of Price ControlsIn 1971 President Nixon attempted executive branch implementation of price controls for crude oil and refined petroleum, and the results were overwhelmingly… [read post]