"Price gouging" is vitally important: it prevents shortages.
Shortages only happen when some outside force--usually the State--places an artificial maximum on prices. Then the value of the good, whatever it is, is not properly represented by its price, and it's mis-allocated to people whose need for it is comparatively small, so that when people whose need for it is relatively great come looking for it, it's all sold out.
If prices are allowed to float with the market--which means that sometimes they'll be really high--then the price of a scarce good will be high to reflect its value, and people who want that good will be able to properly balance their desire for it against their desire for other goods with different values that they won't be able to obtain if they buy the high-priced good.
Allowing people to charge whatever they like for their own property leads to best distribution, best availability, and best use. Coercively suppressing "price gouging" leads to useless surpluses in areas where the good is of low value, shortages in areas where the good is of high value, and wastage.
A good reference for this kind of stuff is
Defending The Undefendable by Walter Block.
