Did you fill your tank?

[Traci]

Did anyone else see a panic over gasoline yesterday?

Lines were over a hundred long here.

There was also a lot of price-gouging - some places were charging $6.00 per gallon - up from about $1.60.

[The Mister]

<font size=2>My wife got gas on Monday, and I did over the weekend. The gas station nearest us (Citgo) went up from $1.39 to $1.55 and that was it. I suspect it's back down again. A cluster of gas stations down the road seemed to be unchanged, including another Citgo.

yes, got canned food too.

[Traci]

I didn't need it - so I just heard the stories second-hand.

But the price-gouging REALLY ticked me off! The NERVE of treating your neighbors that way in the wake of such a tragedy!

I hope people keep track of the merchants who did this and boycott them in the future.

[The Mister]

<font size=2>Much of it was just the gas station owners reacting to reports that they wouldn't get another shipment for a while. There was at least one report of a manager in OK lowering his prices back down and issuing an apology AND refunds to anyone affected by his actions.

[Griffin 1]

Traci, what exactly is "price-gouging"? If the lines were over 100 cars long, then that is a strong indication that demand has gone up. Since the supply remained the same, increasing the price is simply following the rules of freshman Economics. Did some stations actually raise their prices to $5.00 per gallon? Probably. Were people free to buy their gas elsewhere? Yes.

[Traci]

"""Did some stations actually raise their prices to $5.00 per gallon? """

Yes - they did

"""Were people free to buy their gas elsewhere? Yes. """

The point is that these merchants took advantage of the panic that began as the lines began forming.

If you think there is a threat of a shortage - fine - line up and fill your tank. But when it's gone - it's gone for all of us - and when the supply returns it returns for all of us. There was no reason to take advantage of people like that.

They just came on the local news and said that charges might be filed against those stations that did this. (Many did not)

[Dr T Non-Fan]

Yes, they should make it a personal policy not to buy anything at those stations. Not until the price is low enough (relative to other stations) that their conscience is cleared. (My clear conscience is about 5 cents lower than the comp.) And they should tell all their friends about it.

Short-term thinking is bad for business. The mighty, invisible hand has spoken.

[Griffin 1]

But what is "price-gouging"? How do you distinguish "price-gouging" from a "response to supply and demand forces"? Why should so-called "price-gouging" be something that is illegal when, as you and Non-Dr. T have said, now that the "crisis" has lifted, people can simply not buy gas there.

[Dr T Non-Fan]

I boycott lots of things, 99% on price, 1% on "principle." I don't go to certain supermarkets, because their prices are, on average, always higher, or their deli section has cheap meat that goes bad after a few days. I don't go to any gas station except AM/PM (Arco), since they're almost always the lowest cost.
My boycott of a theoretical gouging gas station would stop once the price was right for me. Trust me, I'd stop driving my car before buying gas at those prices. I can ride my bike to work if necessary. And I can make my kid ride his bike to school, too (with parental chaperoning). I can walk to a non-boycotted supermarket, and "rent" a grocery cart to carry a load of groceries home.