8/31/2005

$6.07???

Fox News is showing footage of a BP gas station in Atlanta selling gas for $6.07 a gallon! There are huge lines at gas stations, as people rush to fill up their tanks. There are rumors of shortages, but so far, there doesn't appear to be any actual shortage. It's a perfect example of mob behavior--and how problems can be created, not by the actual circumstances, but by our responses to them. If people behave rationally, then this kind of stuff wouldn't be happening. Or course if people behaved rationally, they wouldn't be looting shoe stores and setting them on fire either.

As noted by Will Collier there is some serious price gouging going on here, and whatever relevant authority handles it should be cracking down.

And for what it's worth, when I was a kid, my dad used to tell me that if you ran out of gas, it was worth a dollar a gallon!

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