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Author Topic: Isn't 11% increase in less then a day price gouging ???!?!? Back to Topics
ljay99

Rookie Author
Indianapolis

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Message Posted: Jan 28, 2012 10:06:49 AM

Oid prices did not change 11% in a day.
I filled up at 3.06 1-26-12 and on 1-27-12 its 3.35 .
the only thing that happened was the superbowl festival opened.
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skidsteer85xt
Champion Author Indiana

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Message Posted: Dec 7, 2012 8:57:35 PM

its nothing more but price gouging.
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annettemendieta
Champion Author San Diego

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Message Posted: Jul 11, 2012 8:25:35 AM

Who really knows??
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2amy
Champion Author Fresno

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Message Posted: May 31, 2012 4:58:04 PM

I would think its price gouging. But with what we are paying now I think its price gouging.
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scoutmaster
Champion Author Pittsburgh

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Message Posted: May 31, 2012 4:46:39 AM

How much higher dky63? 2¢? 10¢?

[Edited by: scoutmaster at 5/31/2012 7:46:21 AM EST]
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catfish99
Champion Author Wilmington

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Message Posted: May 31, 2012 3:34:45 AM

dky, I am curious - how many stations are in your small town? If it is 20 miles to lower cost stations, your local dealer is likely trying to actually make money on gas sales instead of just breaking even.
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brerrabbitTX
Champion Author Houston

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Message Posted: May 30, 2012 6:01:23 AM

"There have been no fundementals to the 20 cent hike we saw this week with many local stations. One station bumped theirs by 20 cents for the holiday weekend and most of the rest decided to follow along this time."

Do you know this for a fact? Do you have wholesale and spot market prices for the area to back this conclusion? I ask only because most of the people on this board as well as in this country try to justify why gas should be cheaper based on oil prices. Gas and diesel prices are more regionalized based on local market conditions, refinery supplies, refinery utilization and localized market demand. Without all of these pieces of evidence on the table it's hard to draw conclusions when prices move.
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dky63
Veteran Author Illinois

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Message Posted: May 29, 2012 2:27:47 PM

Our small town is always higher than towns within 20 miles.
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CedTan
Rookie Author Ottawa

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Message Posted: May 29, 2012 11:44:18 AM

wow
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bithehr
Champion Author Atlanta

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Message Posted: May 29, 2012 8:27:11 AM

wow
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wornoutWV
Sophomore Author West Virginia

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Message Posted: May 25, 2012 8:33:33 AM

It isn't price fixing in the normal idea but it does work that way.

One raises their price and then the rest follow suit or they hang back hopefully bringing the price of the one who raised back down.

There have been no fundementals to the 20 cent hike we saw this week with many local stations. One station bumped theirs by 20 cents for the holiday weekend and most of the rest decided to follow along this time.
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Michael29644
Champion Author Greenville

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Message Posted: May 24, 2012 11:45:36 PM

"Sorry for my ignorance I'm fresh off the boat from the UK but is there a law in Canada about price fixing with the gas? In Ontario prices rose by 10 cents just before the Victoria Day long weekend and are now only just creeping back down right across town - all gas stations appeared to be working together to hike the price."

TrueBrit,

Are you suggesting all station owners acted in collusion to raise prices? No chance their wholesale costs rose, which would affect them all about equally? Price fixing requires mutual consent among the sellers. Retail gasoline sales is a cut throat business. I just don't see price fixing occurring.
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timmyC4
Veteran Author Twin Cities

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Message Posted: May 24, 2012 4:10:00 PM

You could walk.
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TrueBrit
Rookie Author Ontario

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Message Posted: May 23, 2012 8:44:20 PM

Sorry for my ignorance I'm fresh off the boat from the UK but is there a law in Canada about price fixing with the gas? In Ontario prices rose by 10 cents just before the Victoria Day long weekend and are now only just creeping back down right across town - all gas stations appeared to be working together to hike the price.
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brerrabbitTX
Champion Author Houston

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Message Posted: May 23, 2012 2:45:15 PM

Oil prices and gas prices are certainly linked but there are factors that influence gas prices that have nothing to do with oil. For instance right now spot prices for gas in the Pacific Northwest at $3.80 while spot prices for gas in the Kansas Nebraska area are $2.77. $1.03 price differential. Why? Because two refineries in Washington are having production problems while those in Mid America are not. WTI was down $1.95 a barrel while PNW prices were up 10.7 cents and Mid America spot prices were down 6.9 cents a gallon. Now try and relate the move in crude to those moves, and you cannot do it. That's because refined gas is a regional commodity while the price of crude you see every day is a commodity traded barrel for deliveries next month. A drop in crude price today means it will be cheaper next month not today. And the drop in crude does not make the gas refined today or last week any cheaper because it was made with crude delivered today but bought last month at nearly $100 a barrel.

You cannot expect moves in gas prices today based on crude price changes for next month. You are attempting to mix time frames and delivery schedules. The market is three dimensional not two. Time is an integral part of gas pricing that the average consummer pays no attention to at all but with margins as thin as they are in refining and marketing business they are an integral part of the equation.

[Edited by: brerrabbitTX at 5/23/2012 5:45:34 PM EST]
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Michael29644
Champion Author Greenville

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Message Posted: May 23, 2012 9:31:59 AM

"Here in Northern Indiana, the price spiked just yesterday from $3.44 to $3.99 a 55C/gal increase, the largest one time increase I've ever seen. How in the h*** are they allowed to do this? This is most definately price gouging and they can do it at whim! UNreal..."

Sporttster,

Was a state of emergency declared?

Indiana price gouging law

I don't think so, so it isn't price gouging in the legal sense. How would you feel being accused of doing something illegal when you're just lawfully responding to events beyond your control?

But if you still want to call it price gouging, then file a formal complaint. And I trust you posted the prices you saw, right?

[Edited by: Michael29644 at 5/23/2012 12:32:22 PM EST]
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Sporttster
Rookie Author Indiana

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Message Posted: May 23, 2012 8:05:57 AM

Here in Northern Indiana, the price spiked just yesterday from $3.44 to $3.99 a 55C/gal increase, the largest one time increase I've ever seen. How in the hell are they allowed to do this? This is most definately price gouging and they can do it at whim! UNreal...
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Gas_Buddy
Champion Author Maryland

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Message Posted: May 22, 2012 10:32:07 AM

This topic was started four months ago, when the member apparently experienced a one-time significant price increase from one day to the next, when he filled up. He
commented that he paid one price one day, and a higher price the next day. What he didn't say - let me divert a moment, he didn't say how many gallons he got after filling up the second day so the amount of fuel he bought may be insigificant, and for all we know was a simple top off - What he didn't say was whether he bought the second fill-up at the same gas station, only that there was a price increase. For all we know, the increased price was at a station that was higher priced to begin with. The original post is lacking in the most basic of information needed to be considered before anyone can intelligently respond to him.

And, the member hasn't returned to take part in the discussion or acknowledge anyone's comments. I think it's pretty safe to say that this thread isn't going anywhere anymore and it wouldn't matter if it were locked.
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catfish99
Champion Author Wilmington

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Message Posted: May 22, 2012 3:41:03 AM

Retail always trails crude on the way down due to inventory. Retail is off about 8% from the 2012 high, crude off about 14%.
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scoutmaster
Champion Author Pittsburgh

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Message Posted: May 20, 2012 6:55:52 PM

Crude and wholesale has been dropping for the last 10 days. I would say you is getting gouged!
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Yalmer
Rookie Author Los Angeles

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Message Posted: May 20, 2012 2:21:35 PM

yea I filled up on Monday two weeks ago at $4.11 and Wednesay it was $4.35 and the following monday it was $4.39.
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Michael29644
Champion Author Greenville

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Message Posted: May 20, 2012 8:06:04 AM

"I would think so."

Tazzy50,

It wouldn't be in Georgia, either.
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tazzy50
Rookie Author Georgia

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Message Posted: May 18, 2012 3:58:20 PM

I would think so.
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jayrad1957
Champion Author Los Angeles

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Message Posted: May 17, 2012 10:30:45 PM

There is a station here in L.A. charging $6.19/gal. I hope he doesn't sell a drop. But, there are fools born everyday, willing to pay it.
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Michael29644
Champion Author Greenville

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Message Posted: May 17, 2012 9:00:38 PM

"Apparently you didn't see the prices on EVERYTHING rise that weekend like I did :)Not from Indy, but I work there..."

So? Why would people on a national gas price site care? Petition the local Indianapolis government to not have the Super Bowl there any more. I'm sure there are plenty of cities who would be willing to take their next turn.
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scoutmaster
Champion Author Pittsburgh

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Message Posted: May 17, 2012 5:47:13 AM

"Apparently you didn't see the prices on EVERYTHING rise that weekend like I did :)Not from Indy, but I work there..."

Everything???? Including Kit Kats, tampons and pretzels?????
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2k3Mach
Rookie Author Indiana

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Message Posted: May 17, 2012 5:30:50 AM

Apparently you didn't see the prices on EVERYTHING rise that weekend like I did :)Not from Indy, but I work there...
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Michael29644
Champion Author Greenville

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Message Posted: May 8, 2012 10:15:42 PM

"Most of the time we don't have to look beyond local store/station owners to find a significant part of high gas prices. As I posted in another topic, gas prices rise far faster than they fall. Increases in my area of twenty-five cents per gallon in one day are not unusual, but when prices start falling, it's one to three cents at a time over a period of days, sometimes a couple of weeks. Major holidays see major prices increases ahead of time with no accompanying increase in the price of crude."

And no one else touches that crude between the time it comes out of the ground and the time the gasoline is delivered to the station, right? So therefore most price increases are the fault of the station. Is that what you are trying to say? And I guess we're going to totally dismiss the laws of supply and demand while we're at it, right?
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Tsalagiman
Sophomore Author Atlanta

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Message Posted: May 8, 2012 7:59:12 AM

Most of the time we don't have to look beyond local store/station owners to find a significant part of high gas prices. As I posted in another topic, gas prices rise far faster than they fall. Increases in my area of twenty-five cents per gallon in one day are not unusual, but when prices start falling, it's one to three cents at a time over a period of days, sometimes a couple of weeks. Major holidays see major prices increases ahead of time with no accompanying increase in the price of crude.
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MagicalDataMan
Rookie Author Indiana

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Message Posted: Mar 27, 2012 11:33:20 AM

Not just greedy but Cruel. We may be takin it on the chin right now but pay back is a &#@- you know what
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1bigham
Champion Author Richmond

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Message Posted: Mar 20, 2012 3:53:39 AM

it is when every one tacks more on to the price
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KnullaMej
Rookie Author Oklahoma

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Message Posted: Mar 19, 2012 9:49:32 PM

no its not, greedy yes. But not on the gas stations part, they usually only make 10-15 cents a gallon if lucky.
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azsuntiger
Sophomore Author Tucson

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Message Posted: Mar 19, 2012 8:55:53 PM

smile
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Bell30012
Champion Author Atlanta

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Message Posted: Mar 18, 2012 4:48:30 PM

It is their product. You have a choice buy it or don't. Price gouging laws only go into effect when the governor has declared an emergency.
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gasmask78
Champion Author Virginia

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Message Posted: Mar 16, 2012 9:33:12 PM

well that is why...tourism is a b*tch...since they had a lot of travelers during that time, of course gas prices rose..no brainer.
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gasmask78
Champion Author Virginia

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Message Posted: Mar 16, 2012 9:31:49 PM

weird..i agree.
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CiVX
Champion Author Oakland

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Message Posted: Mar 16, 2012 11:33:57 AM

Unfortunately yes.
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LogtruckerWA
Rookie Author Tacoma

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Message Posted: Mar 15, 2012 5:25:56 PM

they are out to screw us more doe in there pockets come on now they get rich wal people that are trying to earn a living half to give them there money to servive it is gouging of corse
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jdhelm
Champion Author Iowa

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Message Posted: Mar 13, 2012 7:11:08 PM

it's al gore's fault
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2amy
Champion Author Fresno

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Message Posted: Mar 13, 2012 5:19:27 PM

Price Gouging to me.
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kxy4fw
Champion Author Denver

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Message Posted: Mar 13, 2012 6:06:48 AM

Outrageous.
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jake13ny
Veteran Author Long Island

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Message Posted: Mar 10, 2012 4:40:48 AM

they're all crooks. there's a station by me who changes prices almost daily. somethime they're $1 more than the station down the block.
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azadus
All-Star Author Houston

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Message Posted: Mar 8, 2012 3:58:17 PM

you need more training
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danindenver
Champion Author Denver

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Message Posted: Mar 7, 2012 5:32:28 PM

Following along with what catfish99 said, I believe the city of Denver engaged in some speculation, a couple of years ago, when they signed a contract to lock in their fuel prices. Should we then persecute the city of Denver for being evil speculators?

Oh, and I, myself, stocked up at Big Lots on Sunday by buying 9 cases of bottled water. NINE CASES! Who in the world could possibly drink NINE CASES of water?!?!?
Oh the humanity!

Yeah, it's the same thing. Economic changes are a virtual force of nature. Instead of straining against an impossible force, try using an informed knowledge of economics to use this force to your advantage.



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Z12
Champion Author Toledo

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Message Posted: Mar 7, 2012 5:18:45 PM

Yes
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Edpap
Champion Author Pennsylvania

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Message Posted: Feb 27, 2012 8:58:34 AM

who can you tell that will help you?
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1OILMAN
Champion Author Alabama

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Message Posted: Feb 10, 2012 12:47:56 PM

If you got a 11% pay raise on one day I would scream gouging.
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Gas_Buddy
Champion Author Maryland

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Message Posted: Feb 8, 2012 8:36:16 AM

catfish99:
Thank you. Regardless of whether I agree with the comment entirely or in part, or not, it was an intelligent and informed comment.
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scoutmaster
Champion Author Pittsburgh

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Message Posted: Feb 8, 2012 4:22:00 AM

The speculators drive the price up when an oil baron finds a boil on his butt! The huge daily swings we have seen from the speculators make no sense! Let supply and demand drive the price.
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catfish99
Champion Author Wilmington

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Message Posted: Feb 8, 2012 3:27:14 AM

People love to blame "speculators" and scream for regulation, but what are the "speculators" doing?
They buy futures contracts on oil and gasoline.
So do tons of businesses that use oil and gasoline. Because Southwest purchased futures a few years ago, they were able to offer fares well below their competitors. People saved huge amounts of money on travel.
Your local oil company offers "lock-in" pricing. How? They buy futures, so if the prices go up, they don't go bankrupt.
UPS uses futures to offer set prices to businesses like Amazon, who in turn can offer you free shipping because they know the cost of sending the package won't jump on them.
Finally, for every "speculator" who bets on prices going up, another bets they will go down. So for every one who makes money on a trade, another will lose when the contract reaches settlement day. Does the price get out of line sometimes as people bet on rising prices? Sure. But if the event the buyers are hedging against does not happen, the price will fall back and they will start dumping contracts, driving the price lower than it would have been.
Just some things to remember the next time you see or hear a rant about "speculators" and the need for even more government intrusion and red tape in our lives.
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Gas_Buddy
Champion Author Maryland

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Message Posted: Feb 7, 2012 3:05:52 PM

GLDubzakJr:

Just asking, but considering how little mark-up there is by gas stations on a gallon of gas, are you that willing to let me and others complain about the price of products or services provided by the company your work for? And if we don't like those prices, or we think that you have too much of a mark-up, are you willing to let us decide what we should pay, or what you should charge?

And do you also complain about the price of such services as cell phone and/or texting, cable television, the prices of cars and cigarettes, food and other items at one supermarket versus the prices at another?

If you want to blame speculators, go ahead; I won't say prices aren't affected by speculators. But just asking, because I'm sure you know that many investment funds and retirement funds, perhaps including the ones your retirement is invested in, have stock in the oil industry, are you willing to agree that investment funds and retirement funds for any and everyone should not be allowed to invest in oil futures, etc.?

Just asking; that's all. Just asking.
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