Friday, September 02, 2005

Is It Time To Panic Yet? (Updated)

Was browsing around Snopes tonight, and ran across this:


According to Snopes, the original caption was:
Gasoline customers check prices and leave at a BP station in Stockbridge, Ga., Wednesday, Aug. 31, 2005. Gasoline price soared Wednesday toward $3 a gallon in many parts of the country, surpassing that level in some places, such as this station, as key refineries and pipelines remained crippled by Hurricane Katrina, crimping supplies and leading to caps on the amount of fuel delivered to retailers.
Snopes goes on to state:

Prices didn't stay at these levels for long, however — on the same day this photograph was taken, Georgia governor Sonny Perdue signed an executive order authorizing sanctions against price-gouging gasoline retailers:
Good for Sonny!

I mentioned in an earlier post that prices had jumped locally 30 to 50 cents per gallon on Wednesday, with many retailers out of regular. Well, the trend continued, with prices jumping another 10 to 15 cents per gallon today. My local station, and many others, are sitting at 2.99 per gallon of regular this evening. My daughter informed me that stations in Kentucky near where she works were charging 3.09, and that local auto parts stores were completely out of locking gas caps. How well I remember the early 70's and lining up at the pumps at daybreak on alternate days, when your turn was assigned. This sucks, because it's so artificial.

Oil companies are going to have to modify all of their spreadsheets, widening the columns to show the percentage and dollar amounts of their profits. Wait! Wasn't Bush an oil man? Yeah, it's his fault! (disclaimer: the preceding was bleed-over from some blogs that lean the wrong way.)

The mention of oil company profits notwithstanding, I would REALLY hate to see any level of government get involved in any pricing schemes, like price caps and such. bad news, there.

(image credit: Snopes.com)

UPDATE: (9/2/05 - Midnight) Gasoline prices at my local station went up another dime today, with regular now standing at 3.09.

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