Can we put the price gouging myth to rest yet? The price of a good is where supply and demand intersect. Post Katrina, gas stations were SOLD OUT of gas all across the gulf and many parts of the country even though they were "price gouging" gas at $3/gallon. What does this mean? It means that there was a drastic supply shortage, hence the gas stations selling out. Don't let basic economics prevent you from posting a bad argument! :lolBIG:Journeyman said:
Politicians invent terms like "price gouging" so that you won't have any problem when the government confiscates the liberty of others. The only ones benefitting from these circus type "price gouging" investigations are the greedy lawyers.
During hard times in general, the politicians get you to give up your liberty. Why is it that the 3 presidents that were the biggest failures are regarded as great men? They convinced the general public that they should give up their liberties for safety. We know what our founding fathers, especially Ben Franklin, think of this idea.
levistep said:
Ok say I agree with the crux of your viewpoint. Supply and demmand are the primary driving force. But isn't there a tad of overpricing going on here? Explain record profits by the oil companies, the "appearance" of favoritism shown by the current leadership to their oil buddies, and why when supply was tipped the other way a few months ago (oil supply had gone up while demmand went down) did prices continue to go up.
levistep said:
FINALLY...a poster that knows what he's talking about!
the only "gouging" going on, if you want to call it that, is our own u.s. govt. TAXING the hell out of oil and gas companies...
why isn't anyone complaining about "tax gouging"??? that's exactly what it is!
if you don't like the cost of gas, trade in your fucking Hummer and buy a Honda.
Journeyman said:
If it goes to $7, then that's the way it is. The laws of supply and demand do not discriminate between 'luxury' and 'necessity.' They apply to everything. Rationing = shortages. Come visit Canada sometime and see what's it's like when you have to wait 6-7 months (or longer) to see a specialist.
It's also true that if gas prices become too expensive, alternatives will begin to emerge which at the moment are not cost efficient. Home insulation was once considered expensive, until the escalation of home heating made it a bargain.
nice little slideshow from yahoo news. i hope the link works.
http://us.lrd.yahoo.com/_ylt=AoJR7gCSJkiawgFXSMhOKf88rowC;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl/SIG=13ise96hp/**http%3a//hosted.ap.org/dynamic/files/specials/interactives/oil/GasPrices/index.html%3fSITE=YAHOO%26SECTION=HOME
doesn't go into what drives the price per barrel (i.e. supply and demand) but interesting info just the same.
http://us.lrd.yahoo.com/_ylt=AoJR7gCSJkiawgFXSMhOKf88rowC;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl/SIG=13ise96hp/**http%3a//hosted.ap.org/dynamic/files/specials/interactives/oil/GasPrices/index.html%3fSITE=YAHOO%26SECTION=HOME
doesn't go into what drives the price per barrel (i.e. supply and demand) but interesting info just the same.
The ones that had a secure supply made a lot of money and many of the ones that didn't have a steady supply lost money. I remember Jim Kramer was very bullish about oil companies during the hurricane season, but he said to only invest in the companies that had reserves.cussin'it said:
Right after Katrina, supplies were low and the price went well over $3 and some places close to $4. In the following months, as the pipelines were restored, prices dropped all the way back down to $2.cussin'it said:
So what is the solution? I hear a lot of talk about investigating the oil companies, but I don't hear any solutions. If the investigation decided that there was gauging, even though there wasn't, what do you do? Should Bush issue a price ceiling? That would just create more shortages.Journeyman said:
levi;
from what i understand, the reason oil is rising right now has more to do with a potential conflict in iran that might cause a shortage than an actual shortage. i guess when i see only a few (eight i think) major oil
companies that control the entire aspect of the industry, i think colusion
and price manipulation. i may be wrong, but its the way i am, as i was raised a liberal.
from what i understand, the reason oil is rising right now has more to do with a potential conflict in iran that might cause a shortage than an actual shortage. i guess when i see only a few (eight i think) major oil
companies that control the entire aspect of the industry, i think colusion
and price manipulation. i may be wrong, but its the way i am, as i was raised a liberal.
Great line for another site!!
The president may turn to God when it comes to shaping his foreign policy, but his energy policy is strictly courtesy of the Men Upstairs at Big Oil.
Which is why it is beyond comical to watch Moe, Curly, and Larry -- sorry, I mean Bush, Hastert, and Frist -- getting all blue in the face about skyrocketing gas prices, and calling on the Energy and Justice Departments to look into possible market manipulation by oil companies.
It’s the least believable call for an investigation since O.J. set out to find the real killers.
The president may turn to God when it comes to shaping his foreign policy, but his energy policy is strictly courtesy of the Men Upstairs at Big Oil.
Which is why it is beyond comical to watch Moe, Curly, and Larry -- sorry, I mean Bush, Hastert, and Frist -- getting all blue in the face about skyrocketing gas prices, and calling on the Energy and Justice Departments to look into possible market manipulation by oil companies.
It’s the least believable call for an investigation since O.J. set out to find the real killers.
First-quarter earnings for three oil firms expected to top $16 billion
Associated Press
WASHINGTON — The country's three largest oil and gas companies are expected to report combined first-quarter profits this week in excess of $16 billion, a 19 percent surge from last year that is sure to complicate life for the industry in Washington, where elected officials are scrambling for ways to assuage angry consumers and businesses.
http://www.chron.com/disp/story.mpl/business/3818418.ht...
Associated Press
WASHINGTON — The country's three largest oil and gas companies are expected to report combined first-quarter profits this week in excess of $16 billion, a 19 percent surge from last year that is sure to complicate life for the industry in Washington, where elected officials are scrambling for ways to assuage angry consumers and businesses.
http://www.chron.com/disp/story.mpl/business/3818418.ht...
Shit, do ya some tissue I can borrow as I am tearing up:
Kenneth Lay, the former Enron chief executive, yesterday spoke out for the first time since the company's collapse and placed the blame for the firm's failure squarely on finance chief Andrew Fastow.
In a lengthy interview with the New York Times, Mr Lay protested his innocence, spoke of his vilification in the media and the dramatic slump in his personal finances. He said his wife had compared their lives to an episode of the science fiction series, the Twilight Zone "where you live your whole life" trying to be ethical and straightforward "to almost overnight being referred to in the national media and elsewhere as a kind of pariah".
FUCK THIS BASTARD .. WHERE IS SCARFACE WITH HIS SHOTGUN WHEN REALLY NEEDED???
Kenneth Lay, the former Enron chief executive, yesterday spoke out for the first time since the company's collapse and placed the blame for the firm's failure squarely on finance chief Andrew Fastow.
In a lengthy interview with the New York Times, Mr Lay protested his innocence, spoke of his vilification in the media and the dramatic slump in his personal finances. He said his wife had compared their lives to an episode of the science fiction series, the Twilight Zone "where you live your whole life" trying to be ethical and straightforward "to almost overnight being referred to in the national media and elsewhere as a kind of pariah".
FUCK THIS BASTARD .. WHERE IS SCARFACE WITH HIS SHOTGUN WHEN REALLY NEEDED???
