We need to tell the goobermint we can feed our families or pay taxes. ...but not both.
I've tried to explain it to people I know as simply as possible. What a company charges for something has to be driven by the expected price they will pay for their next shipment of raw materials, not what they paid for the last oneMy nephew is a left-wing Democrat, so I am always treated to their nonsense on social media. The latest is that the rise in gas prices is all due to price-gouging by the evil oil companies, Biden is doing a great job!
I've tried to explain it to people I know as simply as possible. What a company charges for something has to be driven by the expected price they will pay for their next shipment of raw materials, not what they paid for the last one
Ergo gasoline prices move pretty much in lockstep with the price of crude, and when you beat down domestic production and then embargo 8% of world production in a tight world market, pricing will chase supply and there will be no price competition at the retail level unless and until supplies seem more stable
And, of course, that's because they have never run a business or signed the front of a paycheckThe same people that bought something valuable for a nickel at a yardsale and resold it to a collector for over a hundred dollars calls what you describe "price gouging"
Gasoline seems to be one of the only commodities that behaves that way though. The price of oranges doesn't go up when the Farmer's Almanac predicts a cold winter in Florida. They only go up when the cold winter actually happens and the supply of oranges is affected. A barrel of oil today isn't going to make it to the refiners today, so the gas stations' prices aren't going to be affected until it's time to buy again.I've tried to explain it to people I know as simply as possible. What a company charges for something has to be driven by the expected price they will pay for their next shipment of raw materials, not what they paid for the last one
Ergo gasoline prices move pretty much in lockstep with the price of crude, and when you beat down domestic production and then embargo 8% of world production in a tight world market, pricing will chase supply and there will be no price competition at the retail level unless and until supplies seem more stable
The difference is the price of that raw material has ALREADY gone up sharply. It would be more analogous to Florida has already had the hard freeze and the supply of oranges is estimated to decline by 1/2. What would happen to the price of future purchases of oranges in that scenario?The price of oranges doesn't go up when the Farmer's Almanac predicts a cold winter in Florida.
Wow! “Price gouging”. Where people tell the owner what price he is allowed to charge for what he owns.The same people that bought something valuable for a nickel at a yardsale and resold it to a collector for over a hundred dollars calls what you describe "price gouging"
The law of supply and demand is a mystery to some.My nephew is a left-wing Democrat, so I am always treated to their nonsense on social media. The latest is that the rise in gas prices is all due to price-gouging by the evil oil companies, Biden is doing a great job!
The law of supply and demand is a mystery to some.
Also the same people surprised that inflation is caused by an oversupply of money chasing too small amount of goods/services.
Had to buy some groceries today too. Easily up 10-15% across the board. Astonishing.
And fertilizer prices are doubling at least…Just worked at a Corned Beef dinner at my American Legion Post.
We bought beef for $3.49 a pound last year.
this year... 6.49 a pound
Well, I guess we'll finally make progress on America's obesity problem.Just worked at a Corned Beef dinner at my American Legion Post.
We bought beef for $3.49 a pound last year.
this year... 6.49 a pound
Well, I guess we'll finally make progress on America's obesity problem.
Previous record high gas prices was when oil was 140 a barrel. Gas is now higher yet oil was at 110 a barrel. Companies are making record profits during these times
Previous record high gas prices was when oil was 140 a barrel. Gas is now higher yet oil was at 110 a barrel. Companies are making record profits during these times
Strange the price of cattle hasn’t doubledJust worked at a Corned Beef dinner at my American Legion Post.
We bought beef for $3.49 a pound last year.
this year... 6.49 a pound
Strange the price of cattle hasn’t doubled