Rationally speaking
We survived rumors last week that gas prices would rise to $5 or $6 a gallon. They didn’t. We saw increases, but nothing that should have warranted a mad panic like the one seen just before Hurricane Ike made landfall.
Gas prices rose to gouge levels because of the panic. It fed station owners’ pockets. It didn’t help a single person who idled for 30 minutes then pulled up to the pump to top off their tank.
I found a great analysis of what I like to call The Great Panic of 2008 on, of all places, CNN. Click here for access.
By the way, if anything like this ever happens again, please forward this story, along with the one on the jump, to everyone you know. Perhaps we can avoid another panic.
Below are charts of gas prices around the state today, courtesy of Arkansasgasprices.com.
And on the low end:
