Irma price gouging reveals sad truth: Consumer fleecing is the new normal

The practice, called dynamic pricing, is intended to ration scarce goods and services, yet, it primarily harms consumers by making it easier for companies to fleece them

Since Hurricane Irma put Florida in its sights, there have been thousands of reports of price gouging on everything from water to gasoline.

The most notable complaint was not, however, the one alleging a US$72 charge for a six-pack of water. Rather, it was the $3,200 reportedly asked by Delta for a ticket out of Florida.

That’s because it wasn’t actually hurricane-related price gouging. Airlines were charging similar fares to last-minute buyers two weeks ago – and have been for years – long before Irma became a threat.

The fact is that airlines have