Katrina induced price-gouging on gasoline?

Interestingly enough, after the barrage of tragedy down South in the New Orleans area, I am surprised to only hear it mentioned “once” on CNN about the possibility of price gouging. As of this post, Greensboro gasoline is priced between $2.51 and $3.49.
That is almost a dollar difference between competition! Now granted there was the news of the oil refineries that are effected by the storm Katrina, and the two pipelines that have been turned off also. But come on. Does anyone else find it strange that usual competition ranges about 20 cents depending on the area the gas stations are in but has widened to nearly a dollar?
If anything, I would love to see who actually dictates the hanging of the signs out on your local pump. It’s certainly not the kid working minimum wage inside the minimart area.
UPDATE: Jon Lowder wrote about the price gouging yesterday. His amusing commentary makes you laugh when you think of all those people that own H2s and Escalades.

  • There may well be price gouging going on, but I know of at least one gas station owner who jacked his price up to $3.19 because he only has about a day’s supply left. He’s faced with the prospect of not having any gasoline to sell for the foreseable future, so he raises his prices to compensate for the likelyhood that he may have zero revenue from gas tomorrow — and because people are willing to pay it.

  • There may well be price gouging going on, but I know of at least one gas station owner who jacked his price up to $3.19 because he only has about a day’s supply left. He’s faced with the prospect of not having any gasoline to sell for the foreseable future, so he raises his prices to compensate for the likelyhood that he may have zero revenue from gas tomorrow — and because people are willing to pay it.

  • Fecund Stench

    These guys look at the price on the big oil company websites and adjust current prices to reflect changes there. Remember, the little guy has to raise enough cash to pay for the next load.

  • Fecund Stench

    These guys look at the price on the big oil company websites and adjust current prices to reflect changes there. Remember, the little guy has to raise enough cash to pay for the next load.