Something I saw on the news last night

regarding the earthquake in Pakistan

from JoeUser Forums
So I was watching the news last night (now that the lockout is over, I can watch the CBC without feeling guilty or seeing more recycled BBC programming than normal), and they were showing scenes from the earthquake. I think they were in Muzaffarabad (I know I butchered the spelling on that one), or some village near it (just up the mountain). One interesting thing caught my eye, though. They were showing people buying gas. They briefly talked to the owner of the gas station. From what I recall, the conversation went something like this:

CBC reporter: "So, you're back open and selling gas now?"

guy at gas station: "Yes"

CBC: "What is the price?"

gas: "Same price"

That last part got my attention. Remember all the price gouging post-hurricanes? It's nice knowing the people in Pakistan don't have to deal with that crap. Stupid price gouging corporate welfare bums...(trails off into an incoherent rambling)
1,829 views 1 replies
Reply #1 from JoeUser Forums Top

I dont believe any refineries were affected by the earth quake, nor supplies.

What happened after Katrina was that many refineries were shut down, many oil rigs had to be shut down.  And then on top of that, people started panic buying.  Topping off their tanks.

There was no price gouging.  But the law of supply and demand cannot be denied.  The supply was reduced (temporarily), and the demand was increased.  Ever wonder why it is not called the theory of supply and demand?