And...... we're back

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kbot
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And...... we're back

Post by kbot » 08-30-2017 11:27 AM

Every so often this topic comes-up and sure enough, one natural disaster later and the issue of greed comes-up. In this case, Hurricane Harvey slams into Texas and Gulf States and some companies take advantage of the opportunity to jack prices. This story concerns bottled water being sold in Houston, but pretty soon it will be gasoline and oil sold nationwide......

Snippet:

It’s incredible that anyone could ask whether selling $100 cases of water is actually good in the middle of this disaster like this, but here we are. Nothing, not even the lives of hundreds of thousands of people, should apparently get in the way of making a buck.

https://gizmodo.com/best-buy-apologizes ... 1798619358
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Re: And...... we're back

Post by Doka » 08-30-2017 12:22 PM

August 29, 2017 11:19 pm | AEIdeas

Private sector to the rescue in Texas: Never underestimate the power of the private sector to rise up to any challenge



Because of a hurricane of claims of price gouging in the wake of Hurricane Harvey, the private sector in Texas and Louisiana is getting slammed with lots of criticism for being greedy, uncompassionate, and focusing only on profits. For example, Texas Attorney General Ken Paxton told CNBC that his office as of yesterday has received more than 500 complaints of price gouging, mostly against businesses accused of selling cases of bottled water for $99, gasoline for $10 a gallon, and hotels charging prices triple or quadruple the normal room rates. But there’s a flip side to that story that includes many counter-examples of private sector businesses and private voluntary organizations ignoring profits and demonstrating great compassion following Hurricane Harvey, as was the case after previous disasters like Hurricane Katrina in 2005. Here are some examples:

The Examples Are Too Numerous To List....... See Here:

https://www.aei.org/publication/private ... challenge/
Last edited by Doka on 08-30-2017 12:28 PM, edited 2 times in total.
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Re: And...... we're back

Post by Doka » 08-30-2017 12:27 PM

Had no idea Best Buy was in the water business? Kind of like going grocery shopping in a shoe store?
Doka wrote:
08-30-2017 12:22 PM


August 29, 2017 11:19 pm | AEIdeas

Private sector to the rescue in Texas: Never underestimate the power of the private sector to rise up to any challenge


Because of a hurricane of claims of price gouging in the wake of Hurricane Harvey, the private sector in Texas and Louisiana is getting slammed with lots of criticism for being greedy, uncompassionate, and focusing only on profits. For example, Texas Attorney General Ken Paxton told CNBC that his office as of yesterday has received more than 500 complaints of price gouging, mostly against businesses accused of selling cases of bottled water for $99, gasoline for $10 a gallon, and hotels charging prices triple or quadruple the normal room rates. But there’s a flip side to that story that includes many counter-examples of private sector businesses and private voluntary organizations ignoring profits and demonstrating great compassion following Hurricane Harvey, as was the case after previous disasters like Hurricane Katrina in 2005. Here are some examples:

The Examples Are Too Numerous To List....... See Here:

https://www.aei.org/publication/private ... challenge/
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Re: And...... we're back

Post by kbot » 08-30-2017 01:26 PM

Just wait for those heating bills to start rolling-in Doka.............
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Re: And...... we're back

Post by kbot » 08-31-2017 05:41 AM

kbot wrote:
08-30-2017 01:26 PM
Just wait for those heating bills to start rolling-in Doka.............

And right on-cue...........


Colonial Pipeline to shut U.S. Northeast fuel lines due to Harvey

NEW YORK (Reuters) - Colonial Pipeline Co [COLPI.UL], the biggest U.S. fuel system, said it would shut its main diesel and jet fuel line on Wednesday evening and its gasoline line on Thursday because of outages at its supply points from Tropical Storm Harvey and a lack of supply from refiners.

The news sent U.S. gasoline prices RBc1 surging to a two-year high of $1.9350 a gallon, while margins RBc1-CLc1 jumped to a two-year high of $24.38 a barrel, as Asia markets opened.

The pipeline connects the refineries of the Gulf Coast to the populous East Coast, transporting more than 3 million barrels of fuel every day.

Colonial became the second major fuel pipeline operator with origins in the Gulf Coast to suspend operations because of the storm that brought devastating flooding to the region. The Explorer Pipeline, which has a capacity of 660,000 barrels a day, said on Wednesday it had shut its main fuel line from Houston to Tulsa, Oklahoma, as supplies dwindled.

At least two East Coast refineries have already run out of gasoline for immediate delivery as they scrambled to fill barges to markets typically supplied by the Gulf Coast, two refinery sources said. Others were seen operating at higher rates in order to boost profitability by meeting supply shortages.

“I’ve never seen a situation this bad,” said one East Coast market source.

“Imports can’t make up for this. ... This is going to be the worst thing the U.S. has seen in decades from an energy standpoint.”
https://www.reuters.com/article/us-stor ... SKCN1BA2Z6

"Worse thing in decades".......... makes me think back to the 1970s energy crisis. Hope we're not heading back there.

Well, time to start stocking-up on wood and pellets!!!!!!!!
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Re: And...... we're back

Post by kbot » 08-31-2017 05:53 AM

Not a "greed"-related issue, but worrisome nonetheless........

Harvey aftermath: Explosions reported at flooded chemical plant

Two explosions and plumes of black smoke were reported at a flooded chemical plant in Crosby, Texas on Thursday, officials said.

One deputy has been taken to the hospital after he inhaled fumes from the Arkema peroxide plant, the Harris County sheriff's office tweeted. Nine others drove themselves to the hospital as a precaution, the sheriff's office said.

The explosions were reported around 2 a.m. (local time).

The facility, which is between Houston and Beaumont, had been closely monitored after plant officials said they expected a chemical reaction that will likely cause a fire that will "resemble a large gasoline fire."

The thick black smoke from the explosions "might be irritating to the eyes, skin and lungs," Arkema officials said in a statement.

The scope of the explosions is still unknown.

The company shut down the facility as Harvey approached last week and evacuated employees as well as residents within 1.5 miles of plant as a precaution after it was flooded under more than five feet of water.

"There is a small possibility that the organic peroxide will release into the floodwaters but will not ignite and burn," the company said in a statement.

The flooding in southeast Texas has severely affected oil and chemical plants. Many have shut down operations in the past few days, including, the Colonial Pipeline, which carries huge amounts of gasoline and other fuel between Houston and the East Coast. Valero and Motiva, the largest refinery in the country, have also closed some facilities.

'The worst is not yet over'

The heavy rain is over, but the devastation that Harvey unleashed in Texas has left unprecedented flooding and thousands of people vulnerable.

Many are trapped in flooded homes, and others who've taken refuge in shelters are unsure of their future. Across the state, families are searching tirelessly for missing relatives on the sixth day since the catastrophic storm made its first landfall.

"The worst is not yet over for southeast Texas," Gov. Greg Abbott said in a news conference.

http://www.cnn.com/2017/08/31/us/harvey ... index.html

The effects of this storm has the potential to resonate across the economy and affect people's lives for years to come.
"If you don't know where you're going, any road will take you there......."

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