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Tallahassee, Fla:
The state of Florida has initiated a formal price gouging investigation into Morgan Stanley Group, Inc. and its subsidiary, TransMontaigne, Inc.
The investigation stems from thousands of reports of gasoline price gouging prior to Hurricane Ike making landfall in Texas back in September.
Reports of expected gasoline price hikes as a result of the storm caused drivers to fill their tanks, leading to gas shortages in some parts of the state.
Agriculture Commissioner Charles Bronson and Attorney General Bill McCollum announced late today that they have launched an investigation into Morgan Stanley, which owns TransMontaigne, Inc., and purchases gasoline for the company. TransMontaigne supplies wholesale gasoline through distributors to stations throughout the state.
One of those distributors is McKenzie Oil Company, a retail gasoline station in Tallahassee which was among the stations that hiked its prices to over $5 a gallon during Hurricane Ike. McCollum and Bronson say a review of Mackenzie’s invoices showed that the prices charged were a result of the wholesale charges paid to TransMontaigne, whose prices are set by Morgan Stanley.
Together, the offices of Attorney General and Agriculture Commissioner received over 5,000 complaints of gasoline price gouging during Hurricane Ike.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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