Sheep in a panic.....
Today we got to see self fulfilling prophecies. An announcement went out from Atlanta today that the pipelines that bring jet fuel and gasoline to Georgia were temporarily shut down due to power outages from Katrina. It was also emphasized in the same announcement that there was no shortage of gas and gas would continue to be shipped into the state by truck and by ship. Consumers being panicky humans promptly decided that Georgia was about to run out of gas and that prices would skyrocket. And they began rushing to the gas stations and buying all the gas they could. Lines around the stations, rumors circulating, panic buying.
Want to guess what happened? Stations began running out of gas. Not because of a shortage but merely because people were panic buying more than usual. So of course word flashes out that the stations are running out of gas setting off more panic buying. Now let’s look at economics. Supply and demand. There is a limited supply of gas in the state right now and massively increasing demand throughout the day. What happens when demand increases and supply doesn’t? Prices go up. In my home town on Monday gas prices were between 2.49 and 2.52 per gallon in the afternoon. As word of Katrina’s severity spread they jumped to 2.64, by Tuesday morning, by Tuesday evening they were up to 2.72. As today’s panic went off they have jumped to 2.99. In parts of Atlanta it is reported that some stations were selling gas for 5.00 per gallon!
See how it goes? Totally false rumors spread that the state was going to be OUT OF GAS spread causing people to rush out and buy lots of gas, causing stations to run out of gas, causing more people to rush to other stations to buy gas causing prices to skyrocket. Panic is such a wonderful thing. People are such sheep.
The Governor has issued an executive order to punish stations that are price gouging. I wonder how well that will work. How much did your gas jump in the last two days?
Update 1 Sept. - This morning I went out and at several of the gas staions in town the price had gone up .50 overnight. 3.49 a gallon now. And the headline in the local paper is about gas panic and the false rumors that we are going to run out.
Want to guess what happened? Stations began running out of gas. Not because of a shortage but merely because people were panic buying more than usual. So of course word flashes out that the stations are running out of gas setting off more panic buying. Now let’s look at economics. Supply and demand. There is a limited supply of gas in the state right now and massively increasing demand throughout the day. What happens when demand increases and supply doesn’t? Prices go up. In my home town on Monday gas prices were between 2.49 and 2.52 per gallon in the afternoon. As word of Katrina’s severity spread they jumped to 2.64, by Tuesday morning, by Tuesday evening they were up to 2.72. As today’s panic went off they have jumped to 2.99. In parts of Atlanta it is reported that some stations were selling gas for 5.00 per gallon!
See how it goes? Totally false rumors spread that the state was going to be OUT OF GAS spread causing people to rush out and buy lots of gas, causing stations to run out of gas, causing more people to rush to other stations to buy gas causing prices to skyrocket. Panic is such a wonderful thing. People are such sheep.
The Governor has issued an executive order to punish stations that are price gouging. I wonder how well that will work. How much did your gas jump in the last two days?
Update 1 Sept. - This morning I went out and at several of the gas staions in town the price had gone up .50 overnight. 3.49 a gallon now. And the headline in the local paper is about gas panic and the false rumors that we are going to run out.
posted by exMI | 19:29
77 Comments:
$2.99? Where? Do I have to drive all the over there?
$3.13 here. I always go to 76 because they don't put MTBE in the gas. it's bad for the environment and bad for your car.
WWWWAAAAAAAAAAAAAAAAAAAAGGGGGGGGGGGGHHHHHHHHHHHHHHHHHH! Please! Don't use me!
That is the sound of my checkbook everytime I use it anymore. Retail therapy is starting to pall & that is just not acceptable.
That is the big problem.....
On the flip side...I read about a gas station owner in the New York area that dropped his prices yesterday.
Apparently, he had raised them because his supplier said the next shipment was going to be much higher priced. It turned out that the gas wasn't that highly priced, so he dropped his prices back down and apologized to his customers for getting worried and panicking.
I read thaqt article. And here in town after a couple of station briefly spiked up to 3.49 they dropped back down to a still outrageous but in line with the rest of twon 3.22.
Gas in Kansas City is $3.26 per gallon, and rising daily. A couple of stations in my part of town ran out of fuel, and I have been hearing people talk about having to put gas on credit cards at 21% interest, that they can't afford to pay off at statement time.
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