New Jersey Attorney General Peter Harvey said Hurricane Katrina showed why a national law is needed. Gasoline price spikes happened in many areas outside hurricane-ravaged regions, but many prosecutors were unable to pursue price-gouging complaints because of rules requiring a state of emergency declaration before the laws kick in. “We found retailers raising their prices five or six times a day,” Harvey said. “This had nothing to do with supply. This was New Jersey.” [AP]

Fungible: “The noun fungible has one meaning: a commodity that is freely interchangeable with another in satisfying an obligation.”

[Hat tip: Catallarchy]