If I was forced to buy a house every week and all of the houses were sold by a strictly limited amount of companies that colluded to set the price, then yes, paying $300,000 for a $100,000 dollar house would be price gouging. There is competition in the housing market, however, so I can buy a cheaper one. There is no competition in the oil market, so I cannot buy cheaper gas from a different station. The point this article's writer tries to make falls flat as an apples-and-oranges comparison.
Your whole premise is incorrect. How limited do you think the number of companies is? What makes you think they collude? How many companies would need to be in on the collusion? Generally, collusion among companies is very difficult if there are more than 2 or 3. You would need LOTS of companies in on this collusion.
Colluding is illegal. Please provide proof of this before accusing American companies of fixing the price.
I don't believe in price gouging. We are a market based economy, if the price isn't what you are willing to pay, then don't buy it.
You can't buy cheaper gas, because if someone had cheaper gas, he/she would be sold out instantly. It's called Arbitrage.
"There is no competition in the oil market, so I cannot buy cheaper gas from a different station. The point this article's writer tries to make falls flat as an apples-and-oranges comparison."
Maybe where you live, but not around Houston.
Today, I can pay $2.56/gal at Sam's Club, or I can drive less than a mile and pay $3.09 at Shell station.
Maybe you need to shop around more.
People say that all the time, and it just baffles me. As I drive home today after work, I will pass 10 gas stations. They all have different prices. 7-11 tends to be the most expensive. Albertson's is cheaper than everyone else, so the station is always jammed. If I want, I can go a little out of my way and get it even cheaper on the highway by stopping at a truck stop like Pilot or Flying J.
I agree with you. Also, a home if taken care of, appreciates in value. Gas, when you purchase it, burns up and is gone forever once you use it. So I agree. There is no comparison.
If you bought a home 10 years ago for $100,000 and just sold it for $300,000, have you engaged in price gouging?
Excellent response, and I agree 100%.......
[There is no competition in the oil market, so I cannot buy cheaper gas from a different station.]
Amen, brother. We are being gouged by an oil conglomerate consisting of 5 or 6 supposed independent corporations. Reminds me of old ma bell before it was split up by the government and that is one of the few times I was glad to see the government protect us from the evil of money mad conglomerate powers.