Gas prices, Ike, and panic buying
By xParanoiax
@xParanoiax (6987)
United States
September 12, 2008 11:12pm CST
Okay, so I've noticed a bit of discussion about this all already but there's some information that I haven't noticed.
Number one: Panic buying is wide-spread. While it can be described as MILD panic, many gas stations have reported shortages because people're buying more than they would've otherwise, and more than the stations have bought for the day.
Number two: It looks like gouging, i.e. illegal raising of the prices by gas stations is also widespread, though less so than the panic-buying.
Number three: Self fulfilled prophecy. I've come to the conclusion that, the gouging gas stations raising it up to insane prices, thinking they could get away with it because of Ike have helped spur the rumors that the prices will get above $5. Now, if the oil people are to be believed, prices are reliant on supply and demand. You've probably already noted that demand has gone way down in the United States meanwhile oil companies have been getting more and more supplies of oil. Prices were up to four dollars for awhile here in the United States, and fell again because demand went down.
Obviously, there's some risk that people panic-buying will raise the prices artificially. Plus there's that little detail that Ike might've done some damage to the oil rigs out in the Gulf.
My brother keeps rolling his eyes when I talk about this and saying, "Stupid people." but again, who knows when and where this started exactly. All we know now, is that people are panic-buying everywhere....or maybe it's more accurate to say that they're buying excess for preparedness when they probably wouldn't have had anything to prepare for before.
Now, I'll remind ya'll that there should be NO huge shortages to global supply, but we all know how tricky oil companies can be. SO, what're your thoughts to how this will develop? Your thoughts on people's reactions to this? Your reaction?
DISCLAIMER: I know this is a classic line, considering how alot of officials and news stations are saying it, but I'd like to advise NOT panicking since it will help NOTHING. I hope ya'll are the same cool-headed folks I've known here on mylot for awhile, and will stay level-headed in your thinking about this. =)
3 responses
@heaven11 (1159)
• United States
13 Sep 08
you know i wasnt in a rush to buy it because the prices are going up but my gas light was on so i ran to the store to get some and they were completly out no premium reg unlead diesel anything and then they said that some gas companies are refusing to delive until prices drop along with some stations are limiting how many gallons you can get
@xParanoiax (6987)
• United States
13 Sep 08
REALLY limiting? *some surprise* I heard from most gas stations it was just an advisement, a request rather than a must. But I hadn't heard of anyone running completely out before, nor did I hear that some of the companies were refusing to deliver either. I mean in Texas I might understand it..but..
I hope there's alternative means of transportation for you, Heaven? Or did you manage to find some gas somewhere else?
@heaven11 (1159)
• United States
13 Sep 08
i cant be sure if its true about limiting and not delivering but taht is what the gas stations clerks are saying and in my opioin if thats the case they may as well shut the gas stations down. btu yes they wre completly out. as for getting gas luckliy i had enoug to make it home and i just told my hubby to take the gas can with him to work and get some on his way home hope there not all out but this makes the 4th one in our town to be out so were hoping for the best
@xParanoiax (6987)
• United States
13 Sep 08
I hope he can snag some gas for you, dearie.
Well, they could be messing with you about the companies refusing to come out with gas and the limiting thing, a laugh for their own expense or something...though that'd suck, it'd be better for what they say to be true, methinks.
@pehpot (4762)
• Philippines
13 Sep 08
Here in my country gas price is also on hike. they are increasing price almost every week (but I heard they are having some roll backs) yes it is true that supply and demand affects the price, not just gas, here in my country we have rice shortage, the rice supply gone low and so some people buy in excess of wht they need causng the supple to be less and the demand high in return the price of our rice increased! doubling the price before the hike. It was such a low time in my country and people go for the government issued rice which is a lot cheaper than the commercial rice and still the price is up. When people shows panic the tendency of the capitalist is exploit and capitalize the situation and the reaction of the people. so here in my country when more and more people buy less gas ( they opted to be in public tranport) news of gas price going down is on.
@xParanoiax (6987)
• United States
13 Sep 08
That's why I'm feeling just slightly worried about the panic buying of gas here -- and all that sparked it was a couple rumors, for goodness sakes!
I know when a commodity is needed and people really can't manage well without it, people get scared, but I wish more reasoning was going on than panicking.
I mean we've got greedy-guts owning these things we need -- rice and gas are good examples, and we know they like to take advantage...and then when people do what they're apt to do, it's kinda concerning.
I've seen plenty of people being level-headed here, but the fact that it's so widespread...but yeah.
Thanks for the comparison, Peh! Hopefully things don't continue to rise 'cause of the panic-buying. We all need them to go down...fuel, food. Makes the same difference in maintaining our ways of living.
Alot of people here have been opting for mass transit too, but it's already filled up with all the people it can take more often than not, since we've less trains, buses, than cars since we're a car central country (one of the ways I envy some other countries, that never got to the point where cars are common, because they've so many non-oil reliant alternatives!).
@twallace (2675)
• United States
13 Sep 08
Ike cause gas prices to go up to the point that it made the news and that was not funny. Here where I live it went up to and all over the state too. In some places it was more than others and that was not funny. Some felt that they did it cause they didn't know how the storm would affect the Texas states that the oil is stored at. I know that if nothing happens from the storm they will have to lower the prices right back. They can't keep them high like the are right now.
@xParanoiax (6987)
• United States
13 Sep 08
I hope you're right on that last part, Twallace.
I'm in Ohio, and there was nothing on the news about the gas prices...though GasBuddy (a website that maps gas prices) has said my state's one of the worst hit by the rising prices caused by Ike. So I'm not sure all that's going on.
It's definitely not amusing in the least, I agree!
