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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 Posts:2,075 Points:302,490 Joined:Jul 2012	Message Posted: Sep 25, 2012 11:47:32 PM Ignore pricewar Report Abuse OH! I feel a big one coming on... Raise those prices quick!... here it comes... ahhhhhh..... just kidding... false alarm-----------Think about it
pricewar Champion Author Ogden Posts:2,075 Points:302,490 Joined:Jul 2012	Message Posted: Sep 25, 2012 11:40:31 PM Ignore pricewar Report Abuse thats right it no mystery... its an excuse
bull2010 Sophomore Author Houston Posts:139 Points:478,070 Joined:Dec 2010	Message Posted: Sep 22, 2012 1:07:24 PM Ignore bull2010 Report Abuse always has been & is still a greedy industry
pricewar Champion Author Ogden Posts:2,075 Points:302,490 Joined:Jul 2012	Message Posted: Sep 22, 2012 2:53:23 AM Ignore pricewar Report Abuse Liquid gold brings on greed... Headline...
margeret9021 Rookie Author Virginia Beach Posts:53 Points:17,185 Joined:Sep 2012	Message Posted: Sep 15, 2012 5:18:27 PM Ignore margeret9021 Report Abuse yes
honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Sep 12, 2012 7:52:33 AM Ignore honda0105 Report Abuse prices still up above what they were before Isaac
agrico Veteran Author New Orleans Posts:473 Points:523,895 Joined:Dec 2008	Message Posted: Sep 4, 2012 10:04:12 PM Ignore agrico Report Abuse 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.
zcolt45 Champion Author Michigan Posts:4,085 Points:915,885 Joined:Jan 2006	Message Posted: Sep 4, 2012 1:34:35 PM Ignore zcolt45 Report Abuse 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.
clpassenubye Champion Author Los Angeles Posts:3,374 Points:776,055 Joined:Mar 2011	Message Posted: Sep 3, 2012 2:33:44 PM Ignore clpassenubye Report Abuse unfortunately no surprise here
Donatelo Champion Author Dayton Posts:1,168 Points:307,705 Joined:Apr 2011	Message Posted: Sep 3, 2012 9:08:07 AM Ignore Donatelo Report Abuse booo
Jason_ak Rookie Author San Diego Posts:17 Points:7,240 Joined:Sep 2005	Message Posted: Sep 3, 2012 5:58:46 AM Ignore Jason_ak Report Abuse 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.
paulweb All-Star Author Ohio Posts:907 Points:380,075 Joined:May 2011	Message Posted: Sep 3, 2012 4:35:29 AM Ignore paulweb Report Abuse If you don't like the price of gasoline, don't drive as much.
indyjim Champion Author Indianapolis Posts:10,268 Points:2,347,130 Joined:Jul 2006	Message Posted: Sep 2, 2012 2:45:06 PM Ignore indyjim Report Abuse 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.
honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Sep 2, 2012 7:43:01 AM Ignore honda0105 Report Abuse 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.
Donatelo Champion Author Dayton Posts:1,168 Points:307,705 Joined:Apr 2011	Message Posted: Sep 2, 2012 1:46:48 AM Ignore Donatelo Report Abuse seems so
albert2008 Champion Author Winnipeg Posts:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: Sep 1, 2012 9:23:44 AM Ignore albert2008 Report Abuse of course
honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Sep 1, 2012 8:31:09 AM Ignore honda0105 Report Abuse 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.
clermont40miles Champion Author Cincinnati Posts:10,754 Points:1,799,595 Joined:Apr 2008	Message Posted: Aug 31, 2012 7:34:18 PM Ignore clermont40miles Report Abuse Day 4 same GasBuddy Blog article. Enough already.
crmedic Champion Author Arkansas Posts:2,909 Points:248,475 Joined:Jul 2011	Message Posted: Aug 31, 2012 2:01:49 PM Ignore crmedic Report Abuse 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.
bikerchicklette Champion Author Washington Posts:5,889 Points:1,300,745 Joined:Sep 2005	Message Posted: Aug 31, 2012 9:44:38 AM Ignore bikerchicklette Report Abuse ok
Donatelo Champion Author Dayton Posts:1,168 Points:307,705 Joined:Apr 2011	Message Posted: Aug 31, 2012 9:09:15 AM Ignore Donatelo Report Abuse sucks
jim27106 All-Star Author North Carolina Posts:783 Points:804,620 Joined:Feb 2009	Message Posted: Aug 31, 2012 1:48:08 AM Ignore jim27106 Report Abuse 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.
bikerchicklette Champion Author Washington Posts:5,889 Points:1,300,745 Joined:Sep 2005	Message Posted: Aug 30, 2012 9:43:15 AM Ignore bikerchicklette Report Abuse ok
albert2008 Champion Author Winnipeg Posts:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: Aug 30, 2012 9:20:32 AM Ignore albert2008 Report Abuse no doubt plain greed
hank1326 Champion Author Los Angeles Posts:9,045 Points:1,761,020 Joined:Jun 2008	Message Posted: Aug 29, 2012 9:45:08 PM Ignore hank1326 Report Abuse Enough excuses find the solutions.
amearly Champion Author Michigan Posts:12,255 Points:2,494,335 Joined:Jan 2006	Message Posted: Aug 29, 2012 7:23:36 PM Ignore amearly Report Abuse 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????
snappytom2 Champion Author Corpus Christi Posts:3,634 Points:278,955 Joined:Jul 2008	Message Posted: Aug 29, 2012 6:07:21 PM Ignore snappytom2 Report Abuse Republican politicians love higher gas prices. It means more cash for their campaign coffers.
lvskyguy Champion Author Las Vegas Posts:4,188 Points:442,710 Joined:Mar 2012	Message Posted: Aug 29, 2012 5:28:39 PM Ignore lvskyguy Report Abuse @geol20112: Ditto...Thanks Bush and Dad!
CPGas1815 Champion Author Michigan Posts:6,034 Points:1,101,695 Joined:Apr 2008	Message Posted: Aug 29, 2012 4:08:35 PM Ignore CPGas1815 Report Abuse Yesterday's news.
OCTAPA Veteran Author Toronto Posts:495 Points:504,580 Joined:May 2011	Message Posted: Aug 29, 2012 2:55:54 PM Ignore OCTAPA Report Abuse There is always an excuse.......
letterchunker Champion Author Texas Posts:2,335 Points:683,150 Joined:Aug 2008	Message Posted: Aug 29, 2012 2:40:36 PM Ignore letterchunker Report Abuse Read the facts geol2012. All the dems do is put the blame on someone else. They never accept responsibility
DCbeachbum Champion Author South Carolina Posts:2,667 Points:926,065 Joined:May 2010	Message Posted: Aug 29, 2012 2:31:51 PM Ignore DCbeachbum Report Abuse 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.
DutchTreatMI Champion Author Grand Rapids Posts:3,441 Points:778,940 Joined:Mar 2011	Message Posted: Aug 29, 2012 2:28:22 PM Ignore DutchTreatMI Report Abuse They get away with it things won't change.
redtruck01 Champion Author North Carolina Posts:1,621 Points:1,384,595 Joined:Mar 2009	Message Posted: Aug 29, 2012 2:26:13 PM Ignore redtruck01 Report Abuse I feel gouged every time I fill up.
stevekr Champion Author Sacramento Posts:2,381 Points:696,240 Joined:Jul 2008	Message Posted: Aug 29, 2012 2:26:03 PM Ignore stevekr Report Abuse ok
dieselme2011 Champion Author Vancouver Posts:2,726 Points:628,590 Joined:Mar 2011	Message Posted: Aug 29, 2012 2:19:38 PM Ignore dieselme2011 Report Abuse It's been around forever
geol2012 Rookie Author Fort Worth Posts:9 Points:1,270 Joined:Jul 2012	Message Posted: Aug 29, 2012 2:19:17 PM Ignore geol2012 Report Abuse 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!!!!!
misuds Veteran Author New Haven Posts:447 Points:515,185 Joined:Mar 2006	Message Posted: Aug 29, 2012 2:18:59 PM Ignore misuds Report Abuse Price gouging is possible ??? How about likely !!!
KathySipsGas All-Star Author Columbus Posts:859 Points:231,395 Joined:Feb 2008	Message Posted: Aug 29, 2012 2:14:26 PM Ignore KathySipsGas Report Abuse 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!
bigdipperMS Champion Author Mississippi Posts:1,541 Points:550,130 Joined:Apr 2011	Message Posted: Aug 29, 2012 2:13:23 PM Ignore bigdipperMS Report Abuse Not good!
5Golfer8 Champion Author Tucson Posts:2,263 Points:326,925 Joined:Jun 2011	Message Posted: Aug 29, 2012 2:07:32 PM Ignore 5Golfer8 Report Abuse Price gouging you think? The Democrats and Obama are all about greed, corruption, tax and spend.
RetFireLT Champion Author Kentucky Posts:2,660 Points:171,385 Joined:Mar 2011	Message Posted: Aug 29, 2012 2:07:07 PM Ignore RetFireLT Report Abuse A possibility?!? Have you been living under a rock? Price gouging has been on-going for several years now.
Packman3231 All-Star Author Oregon Posts:638 Points:1,876,135 Joined:Jun 2004	Message Posted: Aug 29, 2012 2:04:15 PM Ignore Packman3231 Report Abuse Greed always has its way.
91Explorer All-Star Author Dallas Posts:634 Points:1,153,265 Joined:Oct 2009	Message Posted: Aug 29, 2012 2:00:24 PM Ignore 91Explorer Report Abuse how about a big drop everywhere?
TWS658 Champion Author Portland Posts:4,543 Points:950,875 Joined:Sep 2005	Message Posted: Aug 29, 2012 1:56:03 PM Ignore TWS658 Report Abuse Ok.
Bleeder Champion Author Virginia Posts:8,038 Points:1,717,725 Joined:Jan 2008	Message Posted: Aug 29, 2012 1:55:50 PM Ignore Bleeder Report Abuse It is always a possibility as it is especially hard to prove.
032946 Champion Author Twin Cities Posts:19,999 Points:4,070,770 Joined:Oct 2001	Message Posted: Aug 29, 2012 1:54:56 PM Ignore 032946 Report Abuse Price gouging is a given any time a storm such as Isaac hits the U.S. coast.
Tripacer Sophomore Author Michigan Posts:215 Points:92,000 Joined:Apr 2011	Message Posted: Aug 29, 2012 1:52:33 PM Ignore Tripacer Report Abuse The Big drop will be a Nickle, not their regular 2 to 3 cent drop!!!
1fuelish1 Champion Author Charlotte Posts:14,918 Points:1,877,755 Joined:Dec 2005	Message Posted: Aug 29, 2012 1:51:49 PM Ignore 1fuelish1 Report Abuse "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]
Killerbabydoll Champion Author Tucson Posts:1,355 Points:567,670 Joined:Sep 2010	Message Posted: Aug 29, 2012 1:48:04 PM Ignore Killerbabydoll Report Abuse ok