Any time there is a reason for consumers to need to buy a lot of products like groceries, building supplies, medical supplies, or gasoline, we hear the term price gouging.

When natural disasters like tornados, hurricanes, and winter disasters strike, we always see prices spike. It seems like nothing is in place to protect us from getting gouged. Businesses see an opportunity to make extra money and they will do it and the consumer always gets screwed.

There are price-gouging national laws. But, most states have had to implement their own more specific laws to protect their residents. Kentucky is one of those states.

Kentucky governor Andy Beshear has pledged to protect the people of his state and today he activated a set of price-gouging laws to do just that.

Today, (December 22, 2022) he tweeted this in preparation for the pending severe, arctic-like winter weather headed our way.

<span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">Today I activated the state's price-gouging laws ahead of the severe arctic front expected to hit Kentucky tomorrow. If you experience overpriced goods or services, please contact the Office of the Attorney General or visit </span><a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1cvl2hr r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0" dir="ltr" href="" target="_blank" rel="noopener noreferrer nofollow"><span class="css-901oao css-16my406 r-poiln3 r-hiw28u r-qvk6io r-bcqeeo r-qvutc0">http://</span></a><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> to report.</span>

What is price gouging?

We've all heard the term, but what does it really mean? According to Wikipedia.

Price gouging is a pejorative term used to describe the situation when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair. Usually, this event occurs after a demand or supply shock

What are the guidelines of the Kentucky price gouging laws?

Back in June, WBKO wrote an article about the laws stating the law as this,

KRS 367.374 outlines the sale or rental of goods and services when a state of emergency is in effect and states that no person shall sell or rent an item for a price “which is grossly in excess of the price prior to the declaration.” The statute sets a threshold for gasoline at the price the day before the price gouging order was issued. The statute further provides that a price is not a violation if it is ten percent or less above the price prior to the declaration or ten percent or less above the sum of the costs and normal markup for a good or service.

If you suspect price gouging in Kentucky, click HERE to fill out a form.

TIPS: Here's how you can prepare for power outages


More From WBKR-FM