Division of Consumer Affairs Prepapred to Investigate Allegations of Gas Price-Goouging

Monday, September 08, 2008 | 7:00pm

Nashville, TN — The effects of storm systems active in the Gulf Coast are now being felt by
Tennesseans at the gas pump. Prices for fuel have risen dramatically and the State is offering
consumers information on how they can report possible price-gouging.

Governor Bredesen today addressed the issues surrounding gasoline supply in Tennessee,
warning individuals and businesses who engage in gasoline price-gouging that “we will be very
tough and very aggressive on people who take advantage of this situation. I hope people do not
try to capitalize on the effects of these storms at the expense of Tennesseans, who are already
struggling with high gas prices.”

“We are taking this very seriously,” said Leslie Newman, Commissioner for the Department of
Commerce and Insurance. “Under Tennessee law, price-gouging is illegal and we will be
working with the Attorney General’s office to aggressively pursue anyone who violates that law.”

It was anticipated that gas prices would rise with hurricane activity in the Gulf Coast, where a
substantial portion of the country’s gas supply is produced. The Division of Consumer Affairs
warns consumers to be on the lookout for potential price-gougers.

Consumers may contact the Division of Consumer Affairs at www.tn.gov/consumer or call at
615-741-4737 or toll-free at 800-342-8385, to report incidences of suspected price-gouging.
Consumers will need to provide the name of the gas station, address and the price and grade of
the gas being sold. Consumers may also report suspected price-gouging online to the federal
government at http://gaswatch.energy.gov/.

Commerce & Insurance