Gas Panic!
My mom called me last night to tell me that somebody who is a friend of a friend of a cousin of a brother of a wife of a friend of a neighbor of a stranger that is in the know told her husband that gas was going to go up to $5 a gallon this morning! Holy crap! What happened? Did another terrorist war break out? Did Obama confess to being a gay Muslim half Jew? Did I blink with my left eye?
No, many people fell victim to a stupid rumor. Yes, gas prices have gone up. The national average went up by 0.4 cents. A far cry from $1+ scenario foretold by the great gas prophets. Did I fuel up my tank in my 1992 Dodge Dakota gas loving transport? No.
Why? Gas, as many seem to not understand, is a consumable product. If I was to drop everything that I was doing and head to my nearest fueling station the money saved I estimate would be around the $20 mark. I do like to get out of the house every now and then, so sooner or later I will need to replenish that cheap gas with the post-apocalyptic expensive gas.
$20 is a whole lotta money in these desperate times, especially since I am currently unemployed. Why would I forego the $20 savings and stay put at home?
1. I don’t buy gas based on rumors.
2. A run on gas will cause a demand for the product resulting in the capitalist economy effect of increase prices for supply. Hint: The low demand for gas lately is the reason why gas has been getting cheaper!
3. $20 saved for a product is not worth it when the product is going to possibly increase my costs far more in the future. Somewhat of an example: iPods on sale at Walmart- $238.99/was $239.99!
Self-fulfilling prophecy in full effect! Initially supply was cut due to Hurricane Ike. Consumer panic causes excessive demand of a limited supply.
The result? $5.50/gallon gas on Monday when the chains normally adjust their costs. No gas available at independent stations.
Good job, consumers.
