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Car service Uber, New York AG reach deal on emergency pricing

09
Jul
2014

By Bernard Vaughan NEW YORK (Reuters) – Uber Technologies Inc, a car service that allows users to summon a ride on their smartphone, has agreed to cap prices during emergencies and natural disasters in New York state to prevent price gouging, New York Attorney General Eric Schneiderman announced Tuesday. The company also agreed to announce a national policy to limit pricing in emergencies, Schneiderman said in a news release. The three-year agreement calls on Uber to limit pricing during abnormal disruptions of the market, to abide by a New York price-gouging law passed in the late 1970s amid escalating heating oil prices, according to the news release. Uber, whose rates rise and fall with demand, will cap prices during such disruptions to the normal range of prices charged in the preceding 60 days, Schneidermans office said.

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