Monday, September 15, 2008

Hurricane Ike Rip Off in Knoxville???

Q:How does gas go down 50 cents in one day?

FC1

A: Possible price-gouging over the weekend....

2 comments:

rich said...

Hmmm. $4.98 minus $4.48 leaves .50 (That's 50 cents for the math impaired.) Apparently your math skills are as flawed as your knowledge of basic economics.

Gas is sold not at cost, but at the replacement cost. Gustav caused a reduction in supply during a price drop, which resulted in a draw down of bulk storage. Ike shut off supply and Weigel dude sparked a panic, which caused a price spike.

Like I said, Econ 101.

Stushie said...

Actually Rich, it's my keyboard skills that are impaired...

Explain this to me: if the supplies are now coming in today, then why has the price dropped so rapidly? Must be that they overhcarged the sheepish public in the first place.

Greed supercedes need....