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Originally Posted by Azure
No, they set their prices according to the supply that is currently available. Obviously, there is a shortage of gas right now, so the price automatically goes up.
This isn't 'new'....its the way a free-market operates.
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I would disagree as i believe these latest set of increases were based on the worst case sinerio of refineries being down for an extended period of time
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Uhhhh, I think they already HAVE accessed the damage, and realize that it might take a while to get the refineries back online, hence the sudden jump in prices.
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Price increases happened before Ike hit the refineries and the resulting damage report. They anticipated a worst case sinerio and got it right this time.
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There were Emergency Services in the US who were told the the day before the hurricane hit Texas to come fill up all their cars because there was going to be a huge shortage of gas.
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That's my point. Oil comapnies raised prices anticipating that Texas drivers would use up what supply they had left. The real shortage came after people filled up thier vehicles.