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Blog entries | Gouging
Filled up the tank of the Liberty at the Shell Station in Riner Tuesday at what then seemed like a bargain $2.69.9 a gallon. Gas in Floyd that day was running at $2.74.9.
Turned out to be more of a bargain than originally thought. On Wednesday, the prices in Floyd jumped 15 cents a gallon and then another 10 cents on Thursday.
In Riner Thursday, the price at the Shell station was $2.99.9. As we drove by the Kroger on 460 Business, noticed the price was $2.84.9. Decided to stop there on the way out of town.
Should have filled the tank before we filled our bellies. After dinner, a stop at the pet store and Home Depot, we headed back to the gas pumps at Kroger to find the price had jumped five cents a gallon to $2.89 in just 90 minutes. The BP station down the street offered the same price so we stopped there.
I notice most gas stations respond quickly when the price of gas goes up but slowly when the price goes down.
Economist call this supply and demand. I call it gouging.
Cindy
October 1, 2005 at 5:06 am
I agree with you Doug. It’s gouging.
bob
October 2, 2005 at 6:37 am
We are feeling the pinch here in Lynchburg also. Gas at our local Krogers is 2.99 now and about the cheapest price around. Some have said wait a few weeks and the price will start coming down. i’m patient and will severely restrict my driving till then.
Grizzly99
September 30, 2005 at 3:05 pm
Doug:
Just to play economic devil’s advocate, if you were casually monitoring the stock ticker for an issue that you owned and noted a 1.75% increase in your stock’s share price in 90 minutes, you would smile over your asset price appreciation resulting from market forces. If you sold it just then, you would realize a profit at someone else’s expense.
But that same percentage increase in someone eles’s asset value is “gouging” when the purchase transaction is at your expense?