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Price gouging a possibility with significant market volatility

GasBuddy Blog -- It's no mystery- with Isaac churning in the Gulf, there's a lot of volatility in gasoline and oil markets. After several days of weakness, Isaac recently made hurricane strength, much later than expected. Several days ago, some forecasts put Isaac as perhaps a category 2 storm, prompting a sharp rally in wholesale gasoline prices.

Prices took a huge jump in the Great Lakes, where Michigan retail prices jumped above $4 for the first time since March. Indiana saw stations raise to $3.99 while Ohio saw $3.95, all in response to yesterday's 32-cent per gallon increase in wholesale gasoline prices. With today's reality that Isaac is weaker than expected, wholesale gasoline looks poised for a big drop- especially in the Great Lakes.


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Submitted Aug 28, 2012 By: PD
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pricewar
Champion Author Ogden

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Message Posted: Sep 25, 2012 10:47:32 PM

OH! I feel a big one coming on... Raise those prices quick!... here it comes... ahhhhhh.....
just kidding... false alarm-----------Think about it
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pricewar
Champion Author Ogden

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Message Posted: Sep 25, 2012 10:40:31 PM

thats right it no mystery... its an excuse
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bull2010
Sophomore Author Houston

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Message Posted: Sep 22, 2012 12:07:24 PM

always has been & is still a greedy industry
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pricewar
Champion Author Ogden

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Message Posted: Sep 22, 2012 1:53:23 AM

Liquid gold brings on greed... Headline...
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margeret9021
Rookie Author Virginia Beach

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Message Posted: Sep 15, 2012 4:18:27 PM

yes
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honda0105
Champion Author Tallahassee

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Message Posted: Sep 12, 2012 6:52:33 AM

prices still up above what they were before Isaac
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agrico
Champion Author New Orleans

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Message Posted: Sep 4, 2012 9:04:12 PM

Isaac ceretainly caused a immediate spike in the New Orleans area - just supply and demand I guess. When people are lined up to get gas doesn't really matter what price is.
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zcolt45
Champion Author Michigan

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Message Posted: Sep 4, 2012 12:34:35 PM

Lets see now:
Aug 27 fuel $3.69
then ? fuel to $4.09
Sept 4 fuel down to $3.70

so the Holiday does not have an effect?
this happens all year here in MI -
we have noticed over the years it is the same pricing effect.
Holidays and weekends does effect the pump pricing.

Isaac was a bonus keeping prices up longer and higher.
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clpassenubye
Champion Author Los Angeles

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Message Posted: Sep 3, 2012 1:33:44 PM

unfortunately no surprise here
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Donatelo
Champion Author Dayton

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Message Posted: Sep 3, 2012 8:08:07 AM

booo
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Jason_ak
Rookie Author San Diego

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Message Posted: Sep 3, 2012 4:58:46 AM

I agree, if you want to reduce the cost of gasoline you have to reduce demand by using less. Supply and demand, and supply is unstable and vulnerable.
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paulweb
Champion Author Ohio

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Message Posted: Sep 3, 2012 3:35:29 AM

If you don't like the price of gasoline, don't drive as much.
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indyjim
Champion Author Indianapolis

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Message Posted: Sep 2, 2012 1:45:06 PM

Gouging is a constant. What isn't a constant is the ability of our "leaders" to look out for our welfare........it's just pitiful.
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honda0105
Champion Author Tallahassee

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Message Posted: Sep 2, 2012 6:43:01 AM

gouging ahead of Isaac happened very much around here, as evidenced by the drop of 10+ cents (up was 30-40) right after Isaac hit Nola.
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Donatelo
Champion Author Dayton

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Message Posted: Sep 2, 2012 12:46:48 AM

seems so
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albert2008
Champion Author Winnipeg

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Message Posted: Sep 1, 2012 8:23:44 AM

of course
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honda0105
Champion Author Tallahassee

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Message Posted: Sep 1, 2012 7:31:09 AM

clearmont: the GB Gods (such as Patrick DeHaan, aka PD) have all the powers.

Easiest way to avoid the boredom that comes w/ the GB gods' blog entries? Click on the front page link that takes you to the recent news. Lots more stuff that never makes it to the front page.
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clermont40miles
Champion Author Cincinnati

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Message Posted: Aug 31, 2012 6:34:18 PM

Day 4 same GasBuddy Blog article. Enough already.
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crmedic
Champion Author Arkansas

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Message Posted: Aug 31, 2012 1:01:49 PM

Prices seem to rise at the slightest "provocation or implied threat to oil" and are always very slow to drop. Gougers should be forced to repay the consumers.
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bikerchicklette
Champion Author Washington

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Message Posted: Aug 31, 2012 8:44:38 AM

ok
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Donatelo
Champion Author Dayton

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Message Posted: Aug 31, 2012 8:09:15 AM

sucks
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jim27106
All-Star Author North Carolina

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Message Posted: Aug 31, 2012 12:48:08 AM

If there is evidence of price gouging the government should see the permanent solution. If there is enough competition in a market price gougers can't operate. A company that is caught price gouging should be broken into three pieces.
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bikerchicklette
Champion Author Washington

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Message Posted: Aug 30, 2012 8:43:15 AM

ok
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albert2008
Champion Author Winnipeg

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Message Posted: Aug 30, 2012 8:20:32 AM

no doubt plain greed
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hank1326
Champion Author Los Angeles

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Message Posted: Aug 29, 2012 8:45:08 PM

Enough excuses find the solutions.
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amearly
Champion Author Michigan

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Message Posted: Aug 29, 2012 6:23:36 PM

Prices took a huge jump in the Great Lakes, where Michigan retail prices jumped above $4 for the first time since March. And where did they get this at? Three weeks ago when the pipeline leaked in Wisconsin the price shoot up to 4.11 and as of last week it was only down to 3.93 and than yeaterday went up to 4.29 . The problem is they told us when our oil that comes todown from Canada so how is it they can claim the hurrican when we don't get our oil from the south nor is our refineries from the south????
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snappytom2
Champion Author Corpus Christi

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Message Posted: Aug 29, 2012 5:07:21 PM

Republican politicians love higher gas prices. It means more cash for their campaign coffers.
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lvskyguy
Champion Author Las Vegas

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Message Posted: Aug 29, 2012 4:28:39 PM

@geol20112:
Ditto...Thanks Bush and Dad!
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CPGas1815
Champion Author Michigan

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Message Posted: Aug 29, 2012 3:08:35 PM

Yesterday's news.
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OCTAPA
All-Star Author Toronto

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Message Posted: Aug 29, 2012 1:55:54 PM

There is always an excuse.......
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letterchunker
Champion Author Texas

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Message Posted: Aug 29, 2012 1:40:36 PM

Read the facts geol2012. All the dems do is put the blame on someone else. They never accept responsibility
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DCbeachbum
Champion Author South Carolina

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Message Posted: Aug 29, 2012 1:31:51 PM

Price gouging has been a way of life for ever, not just in gasoline. People in cities pay more for almost everything. These retailers seem to get a pass.
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DutchTreatMI
Champion Author Grand Rapids

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Message Posted: Aug 29, 2012 1:28:22 PM

They get away with it things won't change.
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redtruck01
Champion Author North Carolina

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Message Posted: Aug 29, 2012 1:26:13 PM

I feel gouged every time I fill up.
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stevekr
Champion Author Sacramento

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Message Posted: Aug 29, 2012 1:26:03 PM

ok
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dieselme2011
Champion Author British Columbia

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Message Posted: Aug 29, 2012 1:19:38 PM

It's been around forever
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geol2012
Rookie Author Fort Worth

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Message Posted: Aug 29, 2012 1:19:17 PM

Where did you get this ridiculous information 5GOLFER8. Remember Pres. Obama assumed office after 8 previous years of a Republican run party that destroyed our country. Do you really expect for for current President to fix the previous huge mistakes in a few years. Negative my friend it will take decades.Thank you Mr. Bush for nothing!!!!!
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misuds
All-Star Author New Haven

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Message Posted: Aug 29, 2012 1:18:59 PM

Price gouging is possible ???

How about likely !!!
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KathySipsGas
All-Star Author Columbus

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Message Posted: Aug 29, 2012 1:14:26 PM

My family is driving around in some of the smallest cars out there. This is killing my family budget. If I hear someone say again that Obama and the Democrats are for the working-class, I may just puke!
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bigdipperMS
Champion Author Mississippi

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Message Posted: Aug 29, 2012 1:13:23 PM

Not good!
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5Golfer8
Champion Author Tucson

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Message Posted: Aug 29, 2012 1:07:32 PM

Price gouging you think? The Democrats and Obama are all about greed, corruption, tax and spend.
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RetFireLT
Champion Author Kentucky

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Message Posted: Aug 29, 2012 1:07:07 PM

A possibility?!? Have you been living under a rock? Price gouging has been on-going for several years now.
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Packman3231
All-Star Author Oregon

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Message Posted: Aug 29, 2012 1:04:15 PM

Greed always has its way.
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91Explorer
All-Star Author Dallas

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Message Posted: Aug 29, 2012 1:00:24 PM

how about a big drop everywhere?
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TWS658
Champion Author Portland

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Message Posted: Aug 29, 2012 12:56:03 PM

Ok.
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Bleeder
Champion Author Virginia

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Message Posted: Aug 29, 2012 12:55:50 PM

It is always a possibility as it is especially hard to prove.
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032946
Champion Author Twin Cities

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Message Posted: Aug 29, 2012 12:54:56 PM

Price gouging is a given any time a storm such as Isaac hits the U.S. coast.
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Tripacer
Veteran Author Michigan

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Message Posted: Aug 29, 2012 12:52:33 PM

The Big drop will be a Nickle, not their regular 2 to 3 cent drop!!!
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1fuelish1
Champion Author Charlotte

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Message Posted: Aug 29, 2012 12:51:49 PM

"I certainly hope that stations do the honorable thing and lower prices immediately" -

Dreamer. This is a peak of unfettered capitalism and the stations will keep the price as high as they possibly can for as long as they possibly can. The only thing to cause them to lower it will be competition.

[Edited by: 1fuelish1 at 8/29/2012 1:52:45 PM EST]
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Killerbabydoll
Champion Author Tucson

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Message Posted: Aug 29, 2012 12:48:04 PM

ok
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