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Gas price gouging concerns

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So far more than 2,500 people have called the State Attorney General's office to report claims of price gouging. Roy Cooper met with the media today in Raleigh and laid out what is being done to catch businesses that may be charging customers too much. Those subpoenaed have 10 days to respond. If a business is found guilty of gouging, they could be fined up to $500,000 per occurrence. If you feel like a gas station or wholesaler is price gouging, call the Attorney General's office at 1-877-5-NO-SCAM (1-877-566-7226).

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Gas Price Gouging and the Economy

I have an issue with the threshold required to be considered as price gouging at the pump. wht does gas have to jump $1 or more in one day to be considered gouging?. It's happening on a daily basis. When oil was on the rise it wasn't uncommon to see subsequent 10 or 15 cent jumps in gas prices within 24 hours, often less. Now oil is around $95 a barrel and we are/were still seeing $120 a barrel prices at the pump, and that was before the refinery's were shut down. Jump up in a day, trickle down over a month. It is unethical and should be illegal. From the retail side it should be illegal to significantly go up on gas until another wholesale delivery truck is recieved with a comparable higher price. How can someone who already has a tank of gas selling at 3.65 legally increase the price even 20 or 30 cents without the addition of higher priced wholesale gas to their current inventory? It is gouging, and it shouldn't have to be $1 or more in a day to prompt procecution. There's price fixing and gouging on the wholesale side as well. Refinery's are at capacity, out of date, shut down because of the storm, etc. How can companies claim billions in profit each quarter and not be required, by law, to reinvest in updating or building new refinery's AND contribute to alternative energy research... or in the alternative pay a windfall tax stiff enough to make them think twice about their strategic direction? Related to the refinery question, have they heard of not putting all of your eggs in one basket? Does the term disaster recovery mean anything to Big Oil? There's been enough hurricanes in the Gulf in the last 50 years to warrant enough refineries in alternative locations to handle a regional gulf shutdown. In closing, I'm aware that some would defend Big Oil stating envioronmental restrictions etc. I am aware that some obtacles apply. However, $10 billion a quarter while whining about refineries and regulations doesn't help my wallet. I do support offshore drilling. At the same time I am convinced that there is sufficient oil available today. It's $95 a barrel now vs. $147 this summer, yet where are the pump prices? A similar 30% drop at the pump from the summer price would put gas near $3 even around here. I'm concerned that for all of the excuses, Big Oil has control of and is manipulating the supply and demand equation. They are getting the most out of their... or should I say our... buck. but that's American corporations nowadays in general, right? Somewhere along the way it became acceptable to offshore jobs and put Americans out of work so companines could claim larger profit margins and line the exceutives pockets with "rewards" for their divine leadership. Have the Excecutives at these corporations became so self-centered that they would risk the general economy for personal gain. Based on recent company failures and legal proceedings it would seem so. Whether you are a gas company, a bank, car manufacturer, etc. you rely, at least in part, on the spending of the American people to survive. When you cut someone's job to send it over seas, you increase your profit margin, albeit lower customer service. This displaced employee goes out on unemployment or often takes a lesser paying job... spends less, may even have a foreclosure or bankruptcy to contend with. Either or a combination of these results ends up in less product being sold by the corporation as the consumer spends less. Less product equals lower profit margin. Lower profit margin means more outsourcing and job cuts. Wash, rinse, repeat. While there's obviously more influences on our current economy, it's not to hard to see how we got to where we are today.

Legal gouging and pure greed...

So the threshold of gouging is $5.49/gal.? Okay, help me and the rest of the hard working public to understand that as the price of a barrel of oil rose on an hourly basis, the signs changed numbers on an hourly basis on what we have to pay at the pump. The same gasoline that was already in the tanks would go 10-15 cents per change. Now that the price of the barrel has dropped from over $160/bbl to a little over $100/bbl, the price of gas only drops by pennies. Then this PANIC awaiting the arrival of IKE. Being at the pumps on Friday was a real life disaster movie scenario. There's nothing wrong with capitalism and this is how this country was founded, but pure out ripping people off is another thing. This fuel fiasco has already changed our entire economy for the worse. Lumber has increased over 80%, groceries have skyrocketed with simple tomatoes selling for 4 bucks a pound. Just wait until winter when people will have to start heating their homes, especially up north where fuel oil is the norm. This is rapidly turning into a crisis and is hurting every average American very deeply and affecting what they are able to do for their family. A lot of people out there are getting to the point that putting food on the table is difficult, much less clothing and setting up education funding for their children. The absolute GREED that is displayed by all involved is horrendous and it is spreading unchecked like the plague. It appears that nothing is being done to put this in check. America is about to have its "Change" and we ain't talkin' Obama's change either. We are losing the very foundation on which this country was founded. Greed runs rampant, religion is pushed to the side and crime runs unchecked. In another 15 years the white person will be considered the minority in this country. Get ready folks! America as we knew it is slipping away from us. This democracy is turning an about-face to an in your face.

What do whites becoming the

What do whites becoming the minority have to do with the current state of the economy or the topic of your post. Whites are the current majority and the economy is screwed so lets not go there with this. Your post should have simply addressed the current crisis due the high price of gasoline and its residual affects on the rest of the economy and how this affects all Americans, not just white or black.

I Agree ..So this is what I did..

In 2003 I started to see Diesel Fuel Go out of site and said this will cause a ripple effect on food and every thing else , Now 2008 Your right ..But the problem is this , We need cars and trucks that get Better MPG!!! Hybrids are a joke as well ...Come on now cars in the late 80's got better MPG!!! and now with better technology it's less...Humm So here what I did ...I got me a VW TDI and I had a few of them over the Years ...FYI Dave Metz of Daves VW Service is one of the best Techs and old school with a modern twist ....I have ever met..He was the one that got me to start thinking Ahem...DIESEL!!! So fast forward to 2008 current 05 Passat 2.0 TDI and I have tweaked it in a few ways get 47 MPG all day long no matter how I drive it and on the HWY 50 and It runs on BIODIESEL that I make my self...720 to a 15 gallon tank...I is work but to me I enjoy telling and giving big oil the Finger! All I can say is yes Diesel may cost a bit more but last LONGER!! Most people dont keep their cars for 5 years.. Do you know a vw TDI takes 60,000 to fully break in!!!! If you see me around the Wilmington or my new home in Cary NC honk and say hello ..did I say the exhaust smell like french fries ..LOL It does,now I know alot of people say Diesels are SLOW and STINK...that with today's technology is a myth as well ..it's a 2.0 TDI that puts out 280 HP 340 FPTQ @ 1,800 in other words VERY VERY FAST!! Get a Diesel , once you get one and drive it you will say , what was I thinking ...do the math and you will see you come out ahead ...It's a shame every one has become so GREEDY!!!