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The Arco I stopped at for gas two weeks ago was $2.55 that day, and when I went past today was $2.78. we're driving to Fresno next week ( from Tacoma) and I'm getting worried about what the gas will cost.
Posts: 2711 | Registered: Mar 2004
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The higher prices go, the longer the lines are here. And I don't know of any gas stations around here running out of gas. It defies whatever it was they taught me in economics. Demand increases as price increases.
Some big oil men are raking it in hand over fist due to this disaster.
Has anyone heard of the generous donations to hurricane relief that have been made by so many of the oil companies?
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There are still lines because people know that if they don't fill up today, prices will just be higher tomorrow. I just filled my tank cause we should be topping $3 by Wednesday with price jumps of 5 and 10 cents everyday. I'll be going home alot to help my family and I just can't afford $3+ per gallon.
The oil companies aren't making that much money. Its hard to stay competitive the per-barrel price so ridiculously high. My dad works for Shell Oil out of New Orleans, they're pretty much screwed for the next few months. He's got his employees crunching numbers with pens and papers.
Posts: 1733 | Registered: Apr 2005
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Tante: no economic principles are being violated, I suspect. I predict that instead people are going to gas stations more often for less gas, trying to catch whatever they feel are the "downturns" in gas prices.
Also, you're confusing two things, Demand and Quantity Demanded. Demand never changes due to price, it is the curve that describes the relationship between price and quantity demanded. However, any other influence can lead to a change in demand. Even if the quantity demanded increased as the price increased in your area, this would be entirely economic given changes in demand. For instance, people may be hearing worse and worse predictions about gasoline each day and figuring they should fill up early and often, and get their long distance driving taken care of now. On a side note, this also explains stockpiling behavior.
Posts: 15770 | Registered: Dec 2001
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Thanks for clarifying. Clearly, whatever they taught me in economics wasn't much. The entire field is as opaque to me as Tarot card readings.
Posts: 10397 | Registered: Jun 2005
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I hadn't bought gas since before Katrina (I've been walking to work, and the kids had neither camp nor school) until last night. So I'd been sort of avoiding gas prices around here, except to occasionally notice the jumps in price at the station around the corner.
Which I assumed was one of the more expensive places. Imagine my shock last night when I discovered it was several cents cheaper ($2.95 v $2.98, $2.99, and up) than the "cheap" places around here.
I guess the good news is that a cheap place is just around the corner . . .
Posts: 32919 | Registered: Mar 2003
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In Minnesota we've had a spike and it's already dropped down over the weekend, though not quite as low as it had been pre-hurricane. There's a gas station right across from my apartment building so it's easy to see the day to day change.
Thursday night when I got off work it unleaded was $3.199. Friday afternoon I filled up and it was $3.099. Saturday it was $2.999 and Sunday $2.799.
There was an article in the local paper explaining that the midwest gas prices respond quickly to the global market ups and downs because we don't have our own production and are situated such that our supply can come from any other North American region. Don't ask me to explain that, I'm just glad it's back under $3.
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We're at about $3.60 or so... fortunately we live very close to everything we need to do, and don't drive a gas-guzzler.
Posts: 1681 | Registered: Jun 2004
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A gas station in my area finally opened up this morning. I had to wait in line, but only paid $2.45. My car is a gas-guzzler, so instead of waiting 'til it's near empty like I usually do, I plan on filling up every chance I get (at least until gas becomes more readily available.)
Posts: 1225 | Registered: Feb 2002
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