chapter  14
The Ethics of Price Gouging
Pages 32

In 1996, Hurricane Fran struck North Carolina, leaving over a million people inthe Raleigh-Durham area without power. Without any way of refrigerating food, infant formula, or insulin, and without any idea of when power would be restored, people were desperate for ice, but existing supplies quickly sold out. Four young men from Goldsboro, which was not significantly affected by the storm, rented refrigerated trucks, bought 500 bags of ice for $1.70 per bag, and drove to Raleigh. The price they charged for the ice was $12 per bag-more than seven times what they paid for it.'