Comments on: Gas Price Floor Should Be Set At $4 A Gallon

By: Deena

Deena — Tue, 15 Feb 2011 15:15:04 +0000

If oil is not regulated I have not hope of acquiring a fair price of oil… and for sure life will become more complicated each day.

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By: Scarcity: Forcing habits to Change for the Good? | All THINGS ECON

Scarcity: Forcing habits to Change for the Good? | All THINGS ECON — Tue, 05 Jan 2010 18:44:15 +0000

[...] GASOLINE addthis_url = 'http%3A%2F%2Faeubanks.edublogs.org%2F2010%2F01%2F05%2Fscarcity-forcing-habits-to-change-for-the-good%2F'; addthis_title = 'Scarcity%3A++Forcing+habits+to+Change+for+the+Good%3F'; addthis_pub = ''; [...]

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By: The questions no one seems to be asking about the auto industry bailout! | Newsami

Wed, 17 Dec 2008 05:03:20 +0000

[...] floor on gasoline. Several months ago, my colleague and fellow blogger Steve Latter blogged about a proposed price floor of $4 per gallon on gasoline. Such a scheme would likely prove nearly impossible to initiate politcally, but may be exactly [...]

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By: Michael Albanese

Michael Albanese — Thu, 20 Nov 2008 07:25:24 +0000

This topic was especially hot during the recent Presidential election. Now that it is over I am perplexed that Obama's plan is to provide "short-term relief to American families". I don't see how an energy rebate of $500 per person and $1000 per married couple will help anything. He also wants to encourage oil companies' production through a "use it or lose it" approach, in which oil companies who don't drill on available land will forfeit them to competitors. It seems that he wants to prolong the inevitable rather than preparing for the change that is destined to come.

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By: jabbobb

jabbobb — Wed, 19 Nov 2008 05:16:29 +0000

I think setting a price floor for gas would be "unfair". Urban people would probably not suffer at all because they have public trasportation. But the more rural you live, the more you depend on your own transportation. And the further away you live from the next grocery store, post office or movie theatre, the less substitues there are for a car. In places where there are no substitutes yet, the price of gas should, in my opinion, not be raised by a tax.

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By: Steve Latter

Steve Latter — Fri, 17 Oct 2008 06:46:22 +0000

Hi Joey,

Gasoline is falling in price right now because oil, the main component of gasoline, has fallen from $147 per barrell to under $80 per barrell since the summer.

The huge decline in oil prices is thought, by most, to be due to a combination of two factors:

1) the $147 price per barrell was artificially high as an "oil bubble" developed as purchasers overinflated the price of oil thinking that they would buy oil contracts before they rose even further (we call this "speculation"), and

2) the global recession we are now in will cause/is causing the demand for oil to decline (shift left in demand, remember?) as incomes will/are falling.

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By: Joey Greener

Joey Greener — Thu, 16 Oct 2008 20:47:30 +0000

This article is a fascinating topic. I think the world would go into a major “culture shock” if we raised the price of gas but I think it would have a negative effect on the economy. If gas is raised then people would need to cut back on their travels and other expenses. The majority of Americans would stay at home and avoid excess spending therefore causing the economy to suffer. I think that $4 is a fair price though as seen when compared to $6 or $8 in other countries. But I feel that the country would retreat and could cause a suffering in the GDP.
I found the fact that Goldman Sachs was looked as a reliable source to be ironic due to their hardships in the news. But I feel that they are accurate that gas will go up. The fact that gas is lowering every time I drive home from PVI to be misleading because of the election. I always hear that gas is lowered because of the election but I don’t understand why. I do know that the economy is suffering and it confuses me that gas is lowering. Why is that?

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By: The Weakonomist

The Weakonomist — Sun, 08 Jun 2008 12:42:05 +0000

Amen brother. I hate to keep talking about gas and oil prices, but this time we're is an interesting case study in consumer behavior. The kind of economic data we'll posses in a few years from today's environment is going to fuel (no pun) the research for the next generation of economists.

I don't agree on the gas floor though. Extreme price fluctuations are fun to watch for those capable of riding the waves.

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