Posted on 09/12/2008 1:09:44 PM PDT by SuperSonic
Raleigh, N.C. — Gov. Mike Easley on Friday implemented the state's price-gouging law as gas prices jumped amid fears that Hurricane Ike would cripple U.S. refining capacity.
Refineries along the Texas Gulf Coast, which handle about one-fourth of the U.S. daily demand, were shutting down operations Thursday and Friday in advance of Ike, which was expected to hit the coast late Friday or early Saturday.
Under North Carolina law, the governor must make a disaster or emergency declaration or proclaim an abnormal market disruption for critical goods and services for the state Attorney General's Office to investigate and prosecute allegations of price gouging. The law applies to all levels of the supply chain, from manufacturers and distributors to retailers.
(Excerpt) Read more at wral.com ...
Gee, that’s a big help. Screw the oil companies and station owners. That’ll really inspire them to invest more money in the state.
$0.26 jump in 1 day here in Gainesville.
Don’t know if it’s gouging; it’s only a 7% jump...what was the ppb increase?
I quickly read the first 3 words “Spike in Pumps...” and thought it was another Sarah thread.
They are already gouging here in Texas on everything. The state says they will prosecute; but who knows.
so you don’t mind the gouging...??...your retirement invested in oil and gas futures...??
Yeah... well I just paid $4.51 per gallon for plus here in Grantsboro, NC. Yesterday it was @$3.69. If that’s not price gouging I don’t know what is. Also, the gas we were pumping was the same gas we paid $3.69 for yesterday. So what was that about the station owner????
I’m in Raleigh NC and at one station I pass by it was $3.62 this morning and 7 hours later it’s up to $4.89 and there were actually people paying that price for gas. Just up the road less than a mile were 2 other stations charging $3.99.
I agree with this kind of government intervention. Make it a one week freeze to allow things to get back to normal.
In Goldsboro a couple of stations have jumped a dollar in less than 24hrs. For the same gas that was in the ground yesterday. Sounds like gouging to me.
and the price of oil continues to drop.....
I am in Garner, on 401 one station had regular at $3.69. Three miles up the road a Citgo had regular at $4.69. What’s going on?
There are fears that Hurricane Ike will disrupt distribution. The current price spike has nothing to do with crude oil prices.
I’m sure that NC drivers will thank Gov. Easley when the pumps run dry. Can’t have it both ways, Governor. You can either let the price rise, or the supply dwindle.
Economics 101 explain why the price gouging is necessary. Person A is driving done the street with 1/2 a tank of gas, hears the news and panics and goes to buy gas at 3.69, soon there are long lines of people topping off their tanks at 3.69, the gas station runs out of gas, person B who is running on fumes can't get gas at any price. If the price was changed to 4.69 immediately the guy who filled up his tank would have waited and the guy running on fumes could have gotten gas.
Here on the loverly coast of NC—think, as far east as you can go and still be on land, prices have jumped over a dollar since this morning, thanks in part to the radio stations telling everyone that gas was going up so they better go buy some.
There are lines like you wouldn’t believe and people are panicking.
Absolutely this morning on the way to work all stations 3.69 for unleaded. At noon only one was still at 3.69. At 16:30 all are at 4.19.
A .50 increase on the same gas that was in the tank yesterday.
If Ike tears Texas up tonight. I expect 5.00 tomorrow on gas that once costed 3.69.
Seems like a few stations are gouging to me, afraid of supplies not coming in when needed. Luckily I filled up a couple of days ago. I’m sure Roy Cooper will get right on it.
Wholesale RBOB is up roughly 13.5 cents/gal over the past 2 days, settled @ $2.7696/gal today, basis NYMEX Oct futures. Multiply by 42 to get the ‘’per bbl’’ increase (motor gasoline is never traded in barrels, btw).
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