Posted on 05/13/2021 10:28:42 AM PDT by ChicagoConservative27
A gas station in Richmond, Virginia, charged customers $6.99 a gallon Tuesday not long after the governor declared a state of emergency because of the Colonial Pipeline ransomware cyberattack that caused gasoline shortages.
According to WTVR, Lether Kerney, who pulled up to the BP gas station on Williamsburg Road, said, “It was a lot of people there, no one looked at the price.”
(Excerpt) Read more at breitbart.com ...
Thank Biden.
Economics 101, i.e. the law of supply and demand.
Owned by a Pakistani or Indi?
And what does Gropey’s Energy Secretary have to say about all this? “Well, if you drove an electric car, you wouldn’t have to worry about a gas shortage.”
The sheep who let these wolves into the henhouse can all shut the EFF up about high gas prices.
Good, someone who understands basic economics. I bet everyone bought just enough gas for the next couple days.
Yep. I don’t blame them.
No more mean tweets from Trump! Yay!
Instead we have a guy who has called a voter a dog-faced pony soldier. Called another voter a “damn liar” and said to another voter “You’re too old to vote for me.”.
But, you know, he’s polite about it. [/s]
I think price gouging is illegal
Supply and demand? Or price gouging?
That is basic supply and demand.
Exactly what it is. Those who need gas the most will pay the extra and supplies will remain available. The alternative is price fixing, which leads to shortages. If the price rises during the supply crunch, the resource remains available. Without that signal, the market will simply drain the remaining supply and then nobody will have any gas no matter how badly it’s needed.
Fill that barrel at $6.99 a gallon.
The way it works in Florida, a station can’t raise its price until it has received a new allotment of fuel at a higher price. In disasters, a tiny tanker like you’d see on an airfield in the 1940’s runs from station to station pumping 100 gallons and leaving an invoice at the new price.
The business model for a gas station is not to sell gas. Gas is used as the traffic generator for the main sales, in order of importance, cigarettes, beer, food and lottery tickets. The sales on those items beats gas sales by 16:1.
The idea is not to run out of gas. If you leave your price low then you sell out of gas and lose all the associated sales to competitors. They honestly do not care what the price of gas is.
Price gouging is when the government raises tolls during rush hour.
Wife hates it when I explain the evils of anti-price-gouging laws to the kids.
I came to understand the issue when I had to get to work (2 hour drive then), gas stations were dry, and tank had barely enough to get there but not back. Of course everyone will “top off” if supply is limited and price is about normal - leaving nothing for those who NEED it, and high price being fair for their situation.
Higher prices but $6.99/gal sounds like plain price gouging and not making up for higher costs.
Think so, go to California, the average price there right now is over $5, is that gouging?
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