“I did notice that gas prices went up $.40 a gallon yesterday.”
Not one single ounce of gas on the market yesterday was shipped here or refined here post-drone strike in Saudi Arabia. That’s just intermediaries like fuel distributors, and various gas stations and their chains jacking up the price to make a quick buck. Talk about artificial scarcity...
Yep. The whole way this was reported was about justifying a price increase. BTW, that is about a 20% price increase - overnight.
“Talk about artificial scarcity...”
When the news leads to the average American’s gas tank being 55% full instead of 33% full, that is a real scarcity. Rising prices are the natural and useful market response.
So when you sell your house, will you sell it for what the cost to build it was when it was new?
“...That’s just intermediaries like fuel distributors, and various gas stations and their chains jacking up the price to make a quick buck. Talk about artificial scarcity...”
That’s just about consumers paying more. Don’t blame anyone else. Every seller always maximizes their profit by balancing price and volume. If people panic and and buy more, of course the sellers will raise the prices. Economics 101.