How bad's the price gouging on gas in your area?

[robertmee]

It went up .50c in three hours at the station closest to my house. On the way home, my wife saw a station at $5.25/gallon. There have been reports of $7/gal in Fayettville, NC. Location: Raleigh, NC area.

[Jim80]

We've been paying between 3.60 and 3.90 a gallon for the last couple weeks .

[MrPhotographer06]

its been fluxuating in the 3.00 zone..between 3.85 to 3.25

yesterday a station here hit 4.59

[tnfisherman]

it was 4.60 near here ,, it went up last night dont know how much yet

[flbassman]

We were at 3.40, I thought about fillin up, but I didn't have the money, this morning it was at 4.

[twigass]

it's 4.19 here and going up, heard there was a place down state where it went to 5.99 but not confirmed. thats here in the wonderful job enriched and lowest tax state in the nation MICHIGAN, by the way can u c the sarcasim can't u tell i love this piece of **** state.

[zooker]

when i went to the hospital thrusday night around 5pm i filled up at $3.53. when i came back thru around 11pm it was $4.14 same station..

have seen $4.98 my self




zooker

[tnfisherman]

4.99 in jefferson city here in east tn,,and there pumps are closed

[Christopherkeene9]

Gas prices have jumped about $.15 in 3 hours but haven't seen any price gouging, since there's no such thing.

If you're willing to pay for it then so be it!

[Jim80]

Went to get gas this morning went up from 3.60 to 3.89 overnight .

Jim

[keithdog]

The price shot up from $3.78 to $4.35 the same afternoon. To me that is price gouging. It's the same gas that was in the ground that morning. Using speculation to set the price of gas should be outlawed.

[cassidyta]

We haven't seen too much of an impact here. Maybe a 10 cent change.

[tnfisherman]

we have here

[WTL]

Here is an exercise:


Could someone define price gouging?

[Lancer6]

As of 2200 hrs last night, 3.53 for Reg/Unl. at the Valero (formerly Shamrock) near my condo.
Danged BlueBell Ice Cream went up though
Need to call up to Brenham (Home of BlueBell Inc. and Belle, the singing cow.)and ask how many cows quit "refining" due to the storm
I receive one free fill-up every three weeks or so and THAT really helps. I really drive very little since feeshing dried up (haven't even bought my license for the year yet) and recently went six weeks before needing fuel. Also, careful adjustment of driving habits has increased my mileage by approx. 24%! Not bad for an elderly Explorer.The 5-spd manual trans really helps. Rarely over 1500 RPM.
I have a great supermarket, various fast fooderies, Target, BassPro, The Fox and Hound, The Flying Saucer, some nice "sit down" restaurants (Cracker Barrel, Jim's, Outback, Carabba's, a Chinese buffet or two, Sea Island) all within walking distance or just a short hop via vehicle.


L6

[robertmee]

Originally Posted by WTL

Here is an exercise:


Could someone define price gouging?

From Florida Law:

Price gouging may be charged when a supplier of essential goods or services sharply raises the prices asked in anticipation of or during a civil emergency, or when it cancels or dishonors contracts in order to take advantage of an increase in prices related to such an emergency. The model case is a retailer who increases the price of existing stocks of milk and bread when a hurricane is imminent. It is a defense to show that the price increase mostly reflects increased costs, such as running an emergency generator, or hazard pay for workers.

In this case, replace milk and bread with GAS.

[WTL]

OK, thats fair.

You want to know why this isn't gouging?

"It is a defense to show that the price increase mostly reflects increased costs"


The reason gas went up in say South Carolina, was not because they were in a civil emergency. They weren't even hit by the hurricane.

The rising prices were directly related to uncertainty regarding the fact that this hurricane, which showed a tremendous storm surge - unprecedented even - hit several refineries and oil platforms directly.

If a hurricane hit the place in this country where are the cows are, and knocked most of the cows over - the price of milk would go up. Same principle.

[robertmee]

Originally Posted by WTL

OK, thats fair.

You want to know why this isn't gouging?

"It is a defense to show that the price increase mostly reflects increased costs"


The reason gas went up in say South Carolina, was not because they were in a civil emergency. They weren't even hit by the hurricane.

The rising prices were directly related to uncertainty regarding the fact that this hurricane, which showed a tremendous storm surge - unprecedented even - hit several refineries and oil platforms directly.

If a hurricane hit the place in this country where are the cows are, and knocked most of the cows over - the price of milk would go up. Same principle.

The difference is, they were increasing prices for gas already delivered and in their tanks. They paid X dollars for gas from the distribution companies, were charging Y and making a fair profit. Why suddenly can they charge Y+$1.00 for the gas they already paid X for? That, in my mind, is taking advantage of a civil emergency and constitutes gouging. If the hurricane does damage and their next shipment comes at a premium, THEN increase their prices to cover thier increased costs. But not before.

[tnfisherman]

the stock market is a failing boys,,, everthing is down,, people has filed bankrucpty

[doc]

Originally Posted by WTL

OK, thats fair.

You want to know why this isn't gouging?

"It is a defense to show that the price increase mostly reflects increased costs"

If a hurricane hit the place in this country where are the cows are, and knocked most of the cows over - the price of milk would go up. Same principle.

True, but If you went ahead and raised the price of your milk allready produced, because of the potential impact from buised utters from knocked over cows. Or raised prices of milk being produced on the grounds of "well the cows fell so that must impact milk production" even tho the impact of the fallen cows is still unknown.

[WTL]

Robert, buying low and selling high is capitalism. What it cost when it went into the ground is irrelevant. You should really know that.

Doc, that they were speculating that we would have bruised oil utters is just a fact of life. It was reasonable speculation. It wasnt a guess. There has in fact, been some damage. It has affected production. Obviously in such a time, with a storm coming in, they are going to hedge their bets and charge on the high side in case the worst happens and they can't get gas for the next few months - which is possible. That is their way of life, their livelihood, and I think it is morally outrageous that we accuse people of all these "crimes" when they are doing the same thing every single other businessman and woman in this country tries to do with their product or service. You charge what its worth. What it is worth! To think that they should charge what you would like, what you would prefer they charge or what the politicians say they should charge is to reduce the service they provide this country to a mere charity. Well those people arent operating a charity. Its business. I wish everyone else would man up and stop crying about business.

[BassAddict]

Another way to look at it is this... they raise the price of what they already have in stock because they may not be able to restock that tank as quickly or as often in the future after a catastrophy. They need to make the money now that they may not be able to make later. It's just how it works unfortunately. Our gas went from 3.45 to 3.69.

[tnfisherman]

the gas may drop in price some but they wont drop it much

[robertmee]

Originally Posted by WTL

Robert, buying low and selling high is capitalism. What it cost when it went into the ground is irrelevant. You should really know that.

That's true in a perfect market where supply and demand are not artifically controlled. But in the case of artificially controlled demand (most can't go weeks without buying a tank of gas) and monopolized supply, it doesn't hold water.

[doc]

Originally Posted by WTL

Robert, buying low and selling high is capitalism. What it cost when it went into the ground is irrelevant. You should really know that.

Doc, that they were speculating that we would have bruised oil utters is just a fact of life. It was reasonable speculation. It wasnt a guess. There has in fact, been some damage. It has affected production. Obviously in such a time, with a storm coming in, they are going to hedge their bets and charge on the high side in case the worst happens and they can't get gas for the next few months - which is possible. That is their way of life, their livelihood, and I think it is morally outrageous that we accuse people of all these "crimes" when they are doing the same thing every single other businessman and woman in this country tries to do with their product or service. You charge what its worth. What it is worth! To think that they should charge what you would like, what you would prefer they charge or what the politicians say they should charge is to reduce the service they provide this country to a mere charity. Well those people arent operating a charity. Its business. I wish everyone else would man up and stop crying about business.

Charging what It's worth, If only they would do that. " PETROLEUM (¢/gal)


PRICE*CHANGE% CHANGETIMENymex Heating Oil Future281.60-12.31-4.1913:23Nymex RBOB Gasoline Future257.95-19.01-6.8613:23" quoted from bloomberg.com

Im not trying to get into a buisness debate but It's hard for me to believe they are only charging what it's worth when they (large oil companies) have record profits every quarter, despite what happens in the gulf, or middle east. If times were so hard on them then it would show in their profits. Lets look at next quarters profits and see how bad the storm impacted their profit margins which should be a direct reflection of their buisness.

Oil companies are breaking the backs of middle/lowerclass Americans I see it every day. The goverment is in their pockets (dems/ and / republicans). No other "buisness" is allowed to have a stranglehold on their market (Just ask Bill Gates)

Mabye It's supply and Demand

American oil consumption fell by an average of 800,000 barrels a day in the first half of the year, according to a new Energy Department report.
"The decline in U.S. consumption in the first half of 2008, reflecting slower economic growth and the impact of high prices, was the largest half-year consumption decline in volume terms in the last 26 years, when, in the first half of 1982, consumption dropped by nearly 800,000 bbl/d," the Energy Information Administration says in its monthly energy report.

Oh, wait thats for Crude not refined oil, our refineries are running at peak thats the problem, we havn't built any new refineries in "insert however many years here".

Well demand is down so tell me how Our refinieries are doing all they can do to keep up if we are using 800,000 less barrels a day. They could keep up last year and prices were cheaper.

When Oil companies start going bankrupt like airlines then my heart will bleed for them untill then "get a rope".