GREENSBORO, NC -- The rain, flooding and disaster in Texas means you're going to pay more -----right here. The experts at Gas Buddy have been warning us since before the storm hit. It just makes sense with all the gas refineries that are shutdown at the moment. But how much will you pay and for how long?
Right now the estimate is higher gas prices for one to two weeks after the storm. Which is what experts say we saw after other hurricanes like Katrina, Rita, Ike and Issac. The Consumerist puts the highest gas price jump after a storm--- at 80 cents.
At this point, don't be surprised to see 15 to 20 cents a gallon more in the next two weeks. Now, you might be thinking, what's to keep a business from cashing in on this and making even more money?!?!? Will there be price gouging? The short answer is... no.
And here's why:
price gouging law is only in effect when the Governor declares a state of emergency.
If there's no state of emergency, then there's no way for the government to hold businesses accountable. That state statute defines gouging as goods used as a direct result of an emergency or which are consumed or used to preserve, protect, or sustain life, health, safety, or economic well-being of persons or their property with the knowledge and intent to charge a price that is unreasonably excessive under the circumstances.