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$99 for a case of water: Texas officials report price gouging post-Harvey
Posted on 9/1/17 at 9:16 am
Posted on 9/1/17 at 9:16 am
Texas officials say they've gotten hundreds of complaints about price gouging and scams in the wake of Hurricane Harvey.
One convenience store in Houston reportedly charged $20 for a gallon of gas, $8.50 for a bottle of water and $99 for a case of water, according to the Texas Attorney General's office.
The state has received 684 complaints in all, according to Kayleigh Lovvorn, a spokeswoman for the office. The agency has started looking into nine cases so far but expects more.LINK
One convenience store in Houston reportedly charged $20 for a gallon of gas, $8.50 for a bottle of water and $99 for a case of water, according to the Texas Attorney General's office.
The state has received 684 complaints in all, according to Kayleigh Lovvorn, a spokeswoman for the office. The agency has started looking into nine cases so far but expects more.LINK
13
Posted on 9/1/17 at 9:17 am to BowDownToLSU
Good. Price gouging is.needed during crisis.
Just look at gas thread to see why
Just look at gas thread to see why
Posted on 9/1/17 at 9:18 am to BowDownToLSU
quote:
One convenience store in Houston reportedly charged $20 for a gallon of gas, $8.50 for a bottle of water and $99 for a case of water
Who determines the "fair" prices for these items?
Posted on 9/1/17 at 9:19 am to BowDownToLSU
quote:
$20 for a gallon of gas, $8.50 for a bottle of water and $99 for a case of water
Then don't pay it.
Posted on 9/1/17 at 9:20 am to magildachunks
Upvote
Posted on 9/1/17 at 9:20 am to BowDownToLSU
They should just release the business name, address, and evidence of the price gouging, then let the market decide how to punish those retailers.
You want to charge $20/gallon, people should never patronize your store again.
You want to charge $20/gallon, people should never patronize your store again.
This post was edited on 9/1/17 at 12:02 pm
Posted on 9/1/17 at 9:21 am to magildachunks
quote:
Good. Price gouging is.needed during crisis.
Just look at gas thread to see why
100% correct. Econ101
Posted on 9/1/17 at 9:22 am to slackster
quote:
They should just release the business name, address, and evidence of the price gouging, then let the market decide how to punch those retailers.
You want to charge $20/gallon, people should never patronize your store again.
Good point. In today's social media world these things can become self policing.
Posted on 9/1/17 at 9:25 am to BowDownToLSU
quote:
price gouging
Is not a real thing. Retards don't understand economics in a free market.
Allow the market to determine the cost of the goods, unless you want scare goods to remain scarce.
Posted on 9/1/17 at 9:28 am to Brummy
quote:
Who determines the "fair" prices for these items?
Here's my thoughts - if a licensed business is in the mandatory evacuation area, then they should be required to sell their items for the same price as the day before (with possibly some allowances for their increased cost of operations like them having to pay more for an emergency fuel delivery or the like); however, if a business is outside of the mandatory evacuation area then they should be allowed to charge whatever they want.
If you don't like those higher prices and think they are gouging then post their arse on Facebook, twitter and Instagram. Shame their business. That's the power of a free press and free speech - let the public know what that business is doing. If the public agrees with your outrage then they won't spend their money there anymore and that business owner will suffer the financial consequences.
Posted on 9/1/17 at 9:28 am to Pecker
it is amazing how people dont understand the difference between price gouging and "the economics of the free market."
This post was edited on 9/1/17 at 9:29 am
Posted on 9/1/17 at 9:28 am to slackster
quote:
You want to charge $20/gallon, people should never patronize your store again.
If they want to charge $20/gallon then don't pay for it if it's not worth that to you. Who are you to tell them how much to charge for a good or service they provide?
Posted on 9/1/17 at 9:29 am to Pecker
quote:
free market.
Which Houston is not right now. People have few choices for food and gas right now.
Hope you are being sarcastic.
Posted on 9/1/17 at 9:30 am to Pecker
Lot of idiots downvoting this thread who either don't understand free market economics principles. Or they poor
Posted on 9/1/17 at 9:30 am to SUB
Posted on 9/1/17 at 9:32 am to OysterPoBoy
You cannot control the access-much less the equality-of distribution in supply and in a disaster situation you also cannot control the money supply to ensure everyone has access to legal tender/means to pay since payment systems are so geared towards debit/credit cards in this day and age.
Please don't create a straw man. I am not saying we should necessarily give away money to everyone. But you cannot simply ignore those who have money but can't access it during a disaster situation when providing assets or controlling markets in a disaster response/recovery situation.
The, "theory," of allowing the free market to dictate cost of goods sold doesn't account for a market that is under multiple stressors and pressure points, and the free market also doesn't show human compassion and the imperative to preserve human life, which in an emergency situation usurps ideological preferences to interfere-or in this case to not interfere-in a market.
Personally speaking I am a fan of little-to-no market intervention when those markets are behaving rationally. But in a Disaster situation the variables are out of control from multiple angles and the reactions and behaviors on all sides being so irrational can create chaos and erode civil order.
All you free-market types aren't taking into account the mass of variables in the discussion IMO
Please don't create a straw man. I am not saying we should necessarily give away money to everyone. But you cannot simply ignore those who have money but can't access it during a disaster situation when providing assets or controlling markets in a disaster response/recovery situation.
The, "theory," of allowing the free market to dictate cost of goods sold doesn't account for a market that is under multiple stressors and pressure points, and the free market also doesn't show human compassion and the imperative to preserve human life, which in an emergency situation usurps ideological preferences to interfere-or in this case to not interfere-in a market.
Personally speaking I am a fan of little-to-no market intervention when those markets are behaving rationally. But in a Disaster situation the variables are out of control from multiple angles and the reactions and behaviors on all sides being so irrational can create chaos and erode civil order.
All you free-market types aren't taking into account the mass of variables in the discussion IMO
Posted on 9/1/17 at 9:32 am to SlapahoeTribe
quote:
Here's my thoughts - if a licensed business is in the mandatory evacuation area, then they should be required to sell their items for the same price as the day before
Why? The goods are worth more. The market will determine the cost of the goods. If they charge $1,000,000 for a Snickers and no one buys it, the seller will lower the cost until it sells. The price at which it sells is the new market price.
People are worried that at a high cost, people wont get to access the much needed goods. Well, at a lower cost, the goods will disappear and a lot of people still won't be able to access the much needed goods.
You haven't actually solved a problem.
"Price gouging" controls are not a good thing. When the prices are high, people will rush to the area to provide the goods because more money can be made off the goods. More people will get goods. The prices will then drop as a result of the new supply. Artificially controlling the price actually limits the amount of the goods.
Posted on 9/1/17 at 9:32 am to SUB
quote:
Which Houston is not right now. People have few choices for food and gas right now.
And price gouging allows more people a chance to get that food and gas than allowing one a-hole to buy it all up
Posted on 9/1/17 at 9:33 am to SUB
quote:
Which Houston is not right now. People have few choices for food and gas right now.
Supply and demand baw. Lots of demand and little supply. That's a free market principle at its best. If you can't afford the gas right now when the demand is much greater than the supply, then you don't get to drive
Posted on 9/1/17 at 9:33 am to SUB
quote:
People have few choices for food and gas right now.
Neither does someone living in middle-of-nowhere west Texas. Doesn't mean it's not a free market.
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