Gouging

[CardsFan]

I'm with you that say it's ok to react to market disruptions in regards to futures. It's the nature of the beast. Also agree that in total it's a low margin business on e face of it.

To me gouging is finding a $.40/gallon difference in pricing within a mile. In that case I know where to fill up and where not to.

Unless there is some market disruption going on, this is not gouging, it's just some one charging more than the local market. Could be they have a "gas Station", but really operate a repair business. Make more money there, but don't want to spend the bucks for a "site clean up" to remove the gas station. Keep it open, don't sell much gas, but everyone is happy?

 

[Breedlove]

Here is something , In Houston you will have a stations on the sign say 2.22 then you pull in and fill up using a credit card and you get charged 2.35 . Cash price 2.22 . Has anyone else seen this.

 

[RobbieB]

Gouging is when a large power outage happens and all gas stations are down. Then one guy powers up his station with a big generator and sells gas for $50/gal.

 

[CardsFan]

Gouging is when a large power outage happens and all gas stations are down. Then one guy powers up his station with a big generator and sells gas for $50/gal.

That's not gouging, that is supply and demand. Don't need gas right now. don't buy it.

Though the $50/gal is really out of whack. maybe $5-6/ gallon?

I read a column by Thomas Sowell (he is an economist) years ago saying that raising prices in a Hurricane or other emergency actually is the best way to "ration" the resources.

 

[RobbieB]

Yeah, insures that poor people get the shaft as usual.

You say "out of whack" I say gouging.

 

[rk911]

Here is something , In Houston you will have a stations on the sign say 2.22 then you pull in and fill up using a credit card and you get charged 2.35 . Cash price 2.22 . Has anyone else seen this.

yup...all the time. when i was a VISA/MC merchant our vendor agreement did not permit charging more to use plastic but was silent on discounts for cash. that was 20-years ago so those agreements have likely changed. ours also did not allow to set a minimum purchase amount in order to use the plastic but i see those signs in a lot of smaller stores.

 

[ncbill]

That's not gouging, that is supply and demand. Don't need gas right now. don't buy it.

Though the $50/gal is really out of whack. maybe $5-6/ gallon?

I read a column by Thomas Sowell (he is an economist) years ago saying that raising prices in a Hurricane or other emergency actually is the best way to "ration" the resources.

Here if a natural disaster caused the outage & governor declared a state of emergency anti-gouging laws are in effect.

And the state attorney general's office will levy hefty fines against any station doing what you suggest.

So stations here would rather run out of fuel than raise the price & get fined.

 

[Scrapr]

and had a soup can thrown at me.

LOL....if you can dodge a wrench you can dodge a soup can

https://youtu.be/1ZXHsNqkDI4

 

[ERD50]

Yeah, insures that poor people get the shaft as usual.

You say "out of whack" I say gouging.

The poor people are gonna get the shaft to some degree anyhow. There is no perfect system. But as mentioned below, economists will explain that letting prices adjust to supply/demand is probably the best.

If prices are fixed, anyone with a little money (not just the "rich") may buy up more than they need, just in case. Then everyone runs out. The poor guy who wanted just as much as he needed doesn't get it, because there is none left. Maybe he wouldn't like paying $10 for a $1 item, but at least he might have that option, as fewer people will "stock up just in case" at $10.

-ERD50

 

[NW-Bound]

Talking of poor people not getting what they need, I just remember about Venezuela. There is not much in the media about this in recent days. It was estimated that 90% of Venezuelans were suffering, and I am sure nothing has changed to make their life better.

After a while, miserable people are just forgotten, just like the Puerto Ricans and the Bahamians and all the unfortunate people before this. They would not mind a few cents more to fill up their gas guzzlers.

What? They have no gas guzzlers? How about their gas sippers? They walk? Lordy!

 

[Nemo2]

They walk? Lordy!

Yabbut, they eat cake while they're walking.