CoachChuckDickerson Posted September 23, 2005 Share Posted September 23, 2005 per fox news radio. Link to comment Share on other sites More sharing options...
Buffal0 Bill5 Posted September 23, 2005 Share Posted September 23, 2005 It doesn't matter what happens with the hurricane. IMO the oil industry is pushing the limits just to see what they can get away with. The "Oil Industry Experts" have predicted an increase, so an increase we will get. At least they use their media stooges to give us a few days of warning, so we can run quickly and buy more of their product. There is no reason that gas prices should not have already returned to pre-Katrina levels. The only remedy is for Americans to stop buying gas at the rate that we do, but nothing seems to slow us down. Maybe we could go dump a tanker of oil in the Boston harbour. The Boston Oil Party. Link to comment Share on other sites More sharing options...
Campy Posted September 23, 2005 Share Posted September 23, 2005 It doesn't matter what happens with the hurricane. IMO the oil industry is pushing the limits just to see what they can get away with. The "Oil Industry Experts" have predicted an increase, so an increase we will get. At least they use their media stooges to give us a few days of warning, so we can run quickly and buy more of their product. There is no reason that gas prices should not have already returned to pre-Katrina levels. The only remedy is for Americans to stop buying gas at the rate that we do, but nothing seems to slow us down. Maybe we could go dump a tanker of oil in the Boston harbour. The Boston Oil Party. 451284[/snapback] I'm no fan of oil companies, and while agree that they're collectively putting the screws to us, it's up to us, the consumers of their product, to lessen demand. Econ 101: demand dips, prices drop. Big oil isn't without fault, but let's be honest. It's as much us as it is them. Link to comment Share on other sites More sharing options...
Buffal0 Bill5 Posted September 23, 2005 Share Posted September 23, 2005 I'm no fan of oil companies, and while agree that they're collectively putting the screws to us, it's up to us, the consumers of their product, to lessen demand. Econ 101: demand dips, prices drop. Big oil isn't without fault, but let's be honest. It's as much us as it is them. 451288[/snapback] The only remedy is for Americans to stop buying gas at the rate that we do, Did you read that part? Link to comment Share on other sites More sharing options...
nobody Posted September 23, 2005 Share Posted September 23, 2005 The media is already talking about $4 or $5 gallon. Once the talk starts the oil companies know they can raise their prices to those levels any time they want. Katrina caused an immediate decrease in gas production of 15% but prices went up over 40%. After a few days half the production was back up so overall total production has only been down by about 7% since that time but gas prices are still about 30% above pre-Katrina prices. Texas refines about 25% I think I heard. So I guess the oil industry will think they can raise prices 67%. Link to comment Share on other sites More sharing options...
Fan in Chicago Posted September 23, 2005 Share Posted September 23, 2005 The media is already talking about $4 or $5 gallon. Once the talk starts the oil companies know they can raise their prices to those levels any time they want. Katrina caused an immediate decrease in gas production of 15% but prices went up over 40%. After a few days half the production was back up so overall total production has only been down by about 7% since that time but gas prices are still about 30% above pre-Katrina prices. Texas refines about 25% I think I heard. So I guess the oil industry will think they can raise prices 67%. 451351[/snapback] In economics, that is called elasticity of demand - percent change in demand per percent change in price. Gasoline and cigarettes are extremely price inelastic which is why it takes a lot of price change to reduce demand of gasoline and also why cigs get taxed like crazy. Link to comment Share on other sites More sharing options...
Campy Posted September 23, 2005 Share Posted September 23, 2005 Did you read that part? 451298[/snapback] Yes, and by reading my post I would think you'd see I was in agreement with you, not arguing with you. I guess I thought wrong? Link to comment Share on other sites More sharing options...
TheMadCap Posted September 23, 2005 Share Posted September 23, 2005 Oil companies bank on this type of mentality. They are betting that "panic-buying" will happen, which it will, and allow them to charge whatever they want for it.... Link to comment Share on other sites More sharing options...
BB2004 Posted September 23, 2005 Share Posted September 23, 2005 The media is already talking about $4 or $5 gallon. Once the talk starts the oil companies know they can raise their prices to those levels any time they want. Katrina caused an immediate decrease in gas production of 15% but prices went up over 40%. After a few days half the production was back up so overall total production has only been down by about 7% since that time but gas prices are still about 30% above pre-Katrina prices. Texas refines about 25% I think I heard. So I guess the oil industry will think they can raise prices 67%. 451351[/snapback] I would think that would lower the dollar and have the euro rise, but today that is not the case, at least not so far. Link to comment Share on other sites More sharing options...
Crap Throwing Monkey Posted September 23, 2005 Share Posted September 23, 2005 In economics, that is called elasticity of demand - percent change in demand per percent change in price. Gasoline and cigarettes are extremely price inelastic which is why it takes a lot of price change to reduce demand of gasoline and also why cigs get taxed like crazy. 451355[/snapback] Don't you get sick of repeating that day after day after day...? Link to comment Share on other sites More sharing options...
sweet baboo Posted September 23, 2005 Share Posted September 23, 2005 every single gas station on west henrietta was packed at 7:45AM the kwik fill next to mel's diner looked like it was holding an SUV/large truck rally Link to comment Share on other sites More sharing options...
bills_fan_in_raleigh Posted September 23, 2005 Share Posted September 23, 2005 The media is already talking about $4 or $5 gallon. Once the talk starts the oil companies know they can raise their prices to those levels any time they want. Katrina caused an immediate decrease in gas production of 15% but prices went up over 40%. After a few days half the production was back up so overall total production has only been down by about 7% since that time but gas prices are still about 30% above pre-Katrina prices. Texas refines about 25% I think I heard. So I guess the oil industry will think they can raise prices 67%. 451351[/snapback] yeah and whose buddies own those texas refineries and platforms etc. Amazing that Attorney General isnt investigating what happend post Katrina and what had already started a few days ago, I had alread seen the prices inching forward earlier this week with a simple 5cents a gallon on monday, 5 cents on wed and 5 cents today. So this time they are hiding the greed versus the 50 cent hike day after katrina, cant wait to see what prices are on sunday after this damn thing hits land. Link to comment Share on other sites More sharing options...
Fan in Chicago Posted September 23, 2005 Share Posted September 23, 2005 Don't you get sick of repeating that day after day after day...? 451429[/snapback] Actually I am getting a bit tired more by people repeating the same assertions no matter how many times people (me) post evidence to the contrary. But, seriously, if it appears that I am on a crusade and it is getting obnoxious, I will back off. Link to comment Share on other sites More sharing options...
Fezmid Posted September 23, 2005 Share Posted September 23, 2005 yeah and whose buddies own those texas refineries and platforms etc. Amazing that Attorney General isnt investigating what happend post Katrina and what had already started a few days ago, I had alread seen the prices inching forward earlier this week with a simple 5cents a gallon on monday, 5 cents on wed and 5 cents today. So this time they are hiding the greed versus the 50 cent hike day after katrina, cant wait to see what prices are on sunday after this damn thing hits land. 451440[/snapback] Our gas actually went down 10 cents/gallon yesterday... CW Link to comment Share on other sites More sharing options...
Ramius Posted September 23, 2005 Share Posted September 23, 2005 yeah and whose buddies own those texas refineries and platforms etc. Amazing that Attorney General isnt investigating what happend post Katrina and what had already started a few days ago, I had alread seen the prices inching forward earlier this week with a simple 5cents a gallon on monday, 5 cents on wed and 5 cents today. So this time they are hiding the greed versus the 50 cent hike day after katrina, cant wait to see what prices are on sunday after this damn thing hits land. 451440[/snapback] Actually, there was been a federal probe started to investigate the oil companies of price gouging during and after katrina...i saw it on the news the other day, cant remember where tho... Link to comment Share on other sites More sharing options...
mcjeff215 Posted September 23, 2005 Share Posted September 23, 2005 every single gas station on west henrietta was packed at 7:45AM the kwik fill next to mel's diner looked like it was holding an SUV/large truck rally 451431[/snapback] You get the guys with the beds full of gas cans yet? That happened here as soon as there was a hint of a shortage. Saw a few good 'ol boys with 7 - 10 cans in the back filling 'em up. Link to comment Share on other sites More sharing options...
Campy Posted September 23, 2005 Share Posted September 23, 2005 You get the guys with the beds full of gas cans yet? That happened here as soon as there was a hint of a shortage. Saw a few good 'ol boys with 7 - 10 cans in the back filling 'em up. 451606[/snapback] I saw some lady filling them up in her minivan yesterday while I was at a stoplight. I kept waiting for the static-induced BOOM. Don't people know you're supposed to put gas cans on the ground when you fill them? Link to comment Share on other sites More sharing options...
Kevbeau Posted September 23, 2005 Share Posted September 23, 2005 You get the guys with the beds full of gas cans yet? That happened here as soon as there was a hint of a shortage. Saw a few good 'ol boys with 7 - 10 cans in the back filling 'em up. 451606[/snapback] Saw 'em down here in the Peachtree City - Newnan area. Also a few landscapers, rolling in a trailer full of gas cans. Link to comment Share on other sites More sharing options...
TheMadCap Posted September 23, 2005 Share Posted September 23, 2005 Saw 'em down here in the Peachtree City - Newnan area. Also a few landscapers, rolling in a trailer full of gas cans. 451617[/snapback] Again, this panic buying helps no one. It only allows them to jack you even more... Link to comment Share on other sites More sharing options...
nobody Posted September 23, 2005 Share Posted September 23, 2005 Actually I am getting a bit tired more by people repeating the same assertions no matter how many times people (me) post evidence to the contrary. But, seriously, if it appears that I am on a crusade and it is getting obnoxious, I will back off. 451499[/snapback] This went beyond elasticity. But I'm no economist. Let's try a little math. Say we begin with 100 units costing 2.5 values per unit = 250 values. Let's say there are 3 components P, S & G to that value per unit. P makes 1.5 values per unit for a total of 150 values (1.5 * 100) S makes .5 values per unit for a total of 50 values and G makes .5 values per unit for a total of 50 values. Now say the total units falls to 85. But P, S & G still want to make their same total values. So now we have: P makes 1.77 values per unit for a total of 150 values (1.77 * 85) S makes .59 values per unit for a total of 50 values and G makes .59 values per unit for a total of 50 values. 1.77 + .59 +.59 = 2.95 values per unit. That appears to be a 20% increase in value per unit - not 40%. Link to comment Share on other sites More sharing options...
Wacka Posted September 23, 2005 Share Posted September 23, 2005 Out here in CA down to 2.89 from 3.11. No line at the station that NORMALLY has one all day (it's the cheapest in town). Link to comment Share on other sites More sharing options...
stuckincincy Posted September 23, 2005 Share Posted September 23, 2005 yeah and whose buddies own those texas refineries and platforms etc. Amazing that Attorney General isnt investigating what happend post Katrina and what had already started a few days ago, I had alread seen the prices inching forward earlier this week with a simple 5cents a gallon on monday, 5 cents on wed and 5 cents today. So this time they are hiding the greed versus the 50 cent hike day after katrina, cant wait to see what prices are on sunday after this damn thing hits land. 451440[/snapback] OOhhhh...Al Gore and his billion buck's worth of oil stock??? Link to comment Share on other sites More sharing options...
LabattBlue Posted September 23, 2005 Share Posted September 23, 2005 every single gas station on west henrietta was packed at 7:45AM 451431[/snapback] I don't get this concept of hurrying to the pump before they raise prices. It's not like that tank of gas is going to last 6 months. A week from now you will be back to fill up again. So you saved a few bucks...whoop de do. People need to stop acting like there won't be any gas after tomorrow and therefore you have to line up to "top off" your tank. Link to comment Share on other sites More sharing options...
smapdi Posted September 23, 2005 Share Posted September 23, 2005 Filled my car up at $2.71 a gallon Link to comment Share on other sites More sharing options...
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