February 28, 2006
The Old Standard is Back

Damn! This means I’ve got to throw out the old one and buy a Newspeak dictionary. In the Gospel according to Clarence, price fixing isn’t price fixing:

The Supreme Court ruled Tuesday that Shell Oil Co. and Texaco Inc. cannot be held liable under the antitrust law for their now-defunct joint ventures that had been approved by the federal government and that set the selling price for gasoline. … Justice Clarence Thomas concluded in the seven-page opinion that it is not automatically illegal under the antitrust law for a lawful, economically integrated joint venture to set the prices at which the joint venture sells its products.

He said Equilon’s pricing policy may be price fixing in a literal sense, but it is not price fixing in the antitrust sense.




Posted by Buck Batard at February 28, 2006 11:53 AM
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