Gas Prices Reach $5.00/gal In Arkansas
I guess this was bound to happen. I once speculated about it, but I never thought it would happen so soon. Right now as we speak people are lined up for blocks at all the gas stations in my town, and prices have risen more than $1.00 in the last 24 hours. Our Governor has declared a state of emergency with regard to this:
http://www.kait8.com/global/story.asp?s=8999291
All of this because of the hurricane and the subsequent shutting down of refineries in Texas.
Price gouging in my state appears to have some repercussions as the attorney general made this statement:
LITTLE ROCK, Ark. (AP) - Attorney General Dustin McDaniel is asking Arkansas consumers to e-mail or text any evidence of price gouging at gas pumps because of Hurricane Ike.
McDaniel said Friday his office has fielded a number of calls complaining about hikes in gas prices because of the hurricane bearing down on the Texas coast. He said his office will look into the claims.
Now, I don’t fully understand the laws regarding this, but I do have a problem with people raising prices in times of crisis just to increase profit. All it took today was for one gas station to raise its price to 4.40 from 3.60. People around town found out about it, started a panic, got everyone out trying to fill up their tanks, in turn causing a huge surge in demand….. It’s a self fulfilling prophecy in a way.
My opinion is that if no one raised prices, that everyone would have bought gas as they normally would instead of rushing out and trying to top off their tanks. Our supply probably would have lasted through the hurricane, and no one would have had to pay any increased prices. Instead, prices went up, people frenzied, are currently buying all the gas around for miles, and I expect that we will run out completely before gas stations get refilled.
People will pay $20 more today for a tank of gas than they did yesterday and I think they will be HAPPY that they were able to get gas at all. All because 1 station raised its prices and caused a panic. I do have to admit that its a really interesting phenomenon to observe.
If you notice price gouging in your area, you can report it here.

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