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Old 09-01-2017, 08:44 AM
 
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Question for the economists on this board... what would be the most efficient way to prevent or deal with this situation? As someone pointed out if prices rose then demand would decline to some equilibrium... Wouldn't higher prices lead to less "panic buying?" Would it make sense to have an "emergency tax" in these cases that went into effect during a natural disaster? (Funds raised to pay for relief) Do 'anti-gouging' laws hurt the situation? I don't think finger wagging will prevent the panic buying, it has to be price related.

I'm skeptical that "everyone" is doing panic buying ... are there any real estimates on what the increased demand actually is?
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Old 09-01-2017, 08:53 AM
 
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Quote:
Originally Posted by cordata View Post
Question for the economists on this board... what would be the most efficient way to prevent or deal with this situation? As someone pointed out if prices rose then demand would decline to some equilibrium... Wouldn't higher prices lead to less "panic buying?" Would it make sense to have an "emergency tax" in these cases that went into effect during a natural disaster? (Funds raised to pay for relief) Do 'anti-gouging' laws hurt the situation? I don't think finger wagging will prevent the panic buying, it has to be price related.

I'm skeptical that "everyone" is doing panic buying ... are there any real estimates on what the increased demand actually is?
Higher prices would prevent panic buying if people were acting rationally to begin with. The "Oh GAWD TEXAS IS RUNNING OUT OF GAS!" crowd isn't acting rationally.
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Old 09-01-2017, 08:56 AM
 
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Originally Posted by Tams here View Post
Good luck, same thing going on in Austin now too. Dh wasn't able to get gas at all yesterday evening or on his way to work early this morning. Hopefully things will calm down over the weekend.
Yes, looks like the insanity has spread. Their run started later than ours though b/c late morning none of Austin friends knew what I was talking about.

I'm still heading down there for my long weekend. I think the "crisis" will be over by then, unless the morons just keep topping off everyday. In that case I'll just take a longer vacation than expected
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Old 09-01-2017, 09:01 AM
 
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The media should be charged for inciting panic.
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Old 09-01-2017, 09:11 AM
 
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Originally Posted by globe9 View Post
Yes, looks like the insanity has spread. Their run started later than ours though b/c late morning none of Austin friends knew what I was talking about.

I'm still heading down there for my long weekend. I think the "crisis" will be over by then, unless the morons just keep topping off everyday. In that case I'll just take a longer vacation than expected
We're slightly annoyed because we were caught off guard by the whole thing. Was working, not big into social media or up to date on news. What was supposed to be a regular fill up of the car has become a PITA. Surprised people are so gullible!

Enjoy your long weekend!!
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Old 09-01-2017, 09:19 AM
 
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The only way to calm down the panic now is to tap into national strategic oil reserve and to increase TX supply. Gasoline is absolute need that people will pay any price for in shortage situation, and will have profound effects when in shortage. I thought the Governor is working closely with Trump for anything from the fed. The storm went through TX and LA right over the refineries.
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Old 09-01-2017, 09:21 AM
 
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When rumblings of this started on Tuesday evening it was guaranteed to snowball like crazy. Filled our two cars up Tuesday night about 11. I sure would hate to be around here in a long term shortage.

Thankfully two full cars will last us a while.
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Old 09-01-2017, 09:31 AM
 
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Originally Posted by txjl123 View Post
The only way to calm down the panic now is to tap into national strategic oil reserve and to increase TX supply. Gasoline is absolute need that people will pay any price for in shortage situation, and will have profound effects when in shortage. I thought the Governor is working closely with Trump for anything from the fed. The storm went through TX and LA right over the refineries.
Strategic reserves were tapped yesterday.
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Old 09-01-2017, 09:32 AM
 
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Originally Posted by Aceraceae View Post
When rumblings of this started on Tuesday evening it was guaranteed to snowball like crazy. Filled our two cars up Tuesday night about 11. I sure would hate to be around here in a long term shortage.

Thankfully two full cars will last us a while.
I did the same last night after the shortage became obvious. When there is little in tank, one can not even drive around to find a station that's not dry.

I went to three stations and found them all dried up, then I started to worry. I was lucky to spot one with two long lines. I went back to that station around 9:30pm, waited in line for about 1/2 hour each time for two cars. That station only got premium grade left for $4.00 per gallon.
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Old 09-01-2017, 09:46 AM
 
1,041 posts, read 1,192,556 times
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Quote:
Originally Posted by txjl123 View Post
The only way to calm down the panic now is to tap into national strategic oil reserve and to increase TX supply. Gasoline is absolute need that people will pay any price for in shortage situation, and will have profound effects when in shortage. I thought the Governor is working closely with Trump for anything from the fed. The storm went through TX and LA right over the refineries.
And where would they refine the strategic reserves?
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