Even if it bears price goudging.
Walmart oil prices - Ah!
- Thread starter kitchbow
- Start date
I went to a different Walmart and it looks as though people are making a run for the Castrol at its current price. The shelf was starting to dwindle. No 5W-20, no regular 5W-30 Full Synthetic, and only 3 jugs of 5 QT 5W30 Full Synthetic High Mileage left on the shelf (I bought 2 of them). There was a couple Castrol 10W-30 5 QT jugs left as well. Mobil 1, Pennzoil, Valvoline, Quaker State and the others had practically full shelves.
Gouging depends on which side of the deal you are on. Plus, the profit motive will bring more suppliers into a given market segment.Even if it bears price goudging.
Economics teaches us prices will tend to rise until consumption falls to an unacceptable level.
@Foxtrot08 has told us wholesale prices have gone up substantially. If your inputs go up its not gouging.
Of course, but doesn't stop the possibly greed and gouging, only limits it when it gets out of control.
Goudging can still be put on top of supply costs increases/inflation. Gouging is pure added profits if the seller isn't just passing on their increased costs percentage.
Define goughing. I can't. If someone will pay me X amount, why should I sell it for less?
I am not twisting anyone's arm.
Doesn't mean some gouging can still be involved.
The profit motive is a key component of Capitalism.
Obviously, that's why gouging is accepted, lol. And to make cheap as possible, then sell for as high as possible. When there's a supply shortage and a constant or increasing demand, then it's easier to start gouging. An excess supply of products and/or a low demand will force prices lower if they want to make them sell.
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How do you stop it? More importantly, why would you want to unless it is a critical function like Medical Health Care?
I still cannot define gouging. It just depends on which side of the deal you are on. You are more likely to get "gouged" if you are unprepared and/or not knowledgeable of the product or service. Blame yourself!
You wonder why hybrids and EVs sell so well in CA. We drive a lot and gas ain't cheap.
Mostly driven by supply and demand for products people really need - LINK and LINK . Think there was some gouging going on during covid when supply chains suffered and product productions were down. I'd say motor oil and many other lubricants are really needed at some point. Without lubricants, many other things needed to keep the economy going also suffers.
Jacking up prices more than the cost increase to produce (unless is was some crazy excessive increase - who defines that point?) may not fully meet the definition of gouging, but certainly could be seeking more profits from a situation due to profit greed. Profit greed and gouging are definitely connected.
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ESP better oil perhaps but may not match EP long drain capability (if longer drain oil is what your looking for).
@Pablo will probably remember better than I but I think Amsoil raised prices during Covid temporarily then they came back down. Not sure if they came down all the way or not. May not have been Covid either. I just remember seeing a temp increase then decrease. Maybe it will happen again; maybe...
Its not my definition. Its a legal definition. Its raising prices on necessities without cost reasons in an emergency. I did not make the definition but you can look it up easily.
However in this case input costs increased, so its not gouging anyway.
That is collusion. Also illegal but different. You don't have to collude to gouge. It can happen in conjunction.
That’s what happened with eggs. The DOJ brought charges and a deal was worked out. Not harsh enough but it puts others on notice that they will follow through when you do the FA.
Was at the WalMart SC in Excelsior Springs, MO yesterday, plenty of oil on the shelf.
