Existing laws against price gouging either fail to provide clear guidance to sellers or fail to take account of all the morally significant reasons which could underlie a price increase, and it is difficult to see how laws could be reformed to avoid this dilemma. Furthermore, any legal prohibition of price gouging will create disincentives for individuals to engage in economic activity which helps those made vulnerable by emergencies. Because laws which prohibit price gouging thus harm vulnerable buyers and are unfair or unclear to sellers, they are immoral and should be repealed.
He further argues that price gouging is not impermissible per se, nor evidence of bad character, though particular instances of it might be. Whether it is permissible depends on whether there are legitimate reasons (i.e. besides greed) for raised prices -- whether this will increase market efficiency in allocating scarce goods, incentivize increased supply, etc. And whether the behaviour indicates bad character will presumably depend on whether the actor appreciates these impartial reasons, or is solely acting from greed.