11-10-2012, 09:37 AM
Black market goods emerge wherever a lack of a typically available commodity occurs. Gas, for example, is in short supply in a few areas affected by Hurricane Sandy, and black market gas is going for double and in some instances more than quadruples the standard going rate.
Price of gasoline on black market
Hurricane Sandy has wrecked large swathes of the east coast of the U.S., such as massive damages to parts of New York and New Jersey. Amid fatalities and more significant damage that has left numerous people homeless, the storm also severely interrupted the supply of gas in that part of the country.
A black market opens up really fast when a commodity becomes scarce, such as right now on the east coast. For instance, on Craigslist, you can get black market gasoline for $20 to $30 a gallon, according to the Huffington Post.
Even gas cans getting marked up
Some people stocked up before the hurricane hit and others are going out to gasoline stations and stocking up to sell at an enormous profit. ABC quoted a male who stockpiled 500 gallons before the storm hit and sold his entire stock for $11 per gallon. New York magazine quotes a variety of prices posted on Craigslist, ranging from $8 per gallon to $20 per gallon, and others selling five gallon parcels for $70 to $100 for five gallons.
Generally, a fuel can only cost a few dollars to get, but people have been selling them for $40 apiece or $200 for a five-gallon can, according to ABC. They are a hot item too apparently.
Everything has to stay anonymous definitely considering it is entirely illegal. People are getting short term loans for their lawyers since it is illegal during a disaster to markup prices more than 10 percent.
Takes place all the time
According to the Los Angeles Times, there was an employee in Los Angeles that got arrested for stealing and selling 800 gallons of the city�s supply of gas. There are a ton of black market items out there, surprisingly, and you can have access to them for those who have the internet.
It's not even new for New York. In February, when fuel prices were more than $4 per gallon in the city, a number of people were leaving the city, getting large amounts of gas for cheaper outside the city and selling it, according to the New York Daily News. One man was found by police with more than 400 gallons in container inside a van.
There was an enormous gasoline black market during World War II when there was fuel rationing. Just expect that there will be hoarding and selling for profit quite often when there is a fuel shortage.
Price of gasoline on black market
Hurricane Sandy has wrecked large swathes of the east coast of the U.S., such as massive damages to parts of New York and New Jersey. Amid fatalities and more significant damage that has left numerous people homeless, the storm also severely interrupted the supply of gas in that part of the country.
A black market opens up really fast when a commodity becomes scarce, such as right now on the east coast. For instance, on Craigslist, you can get black market gasoline for $20 to $30 a gallon, according to the Huffington Post.
Even gas cans getting marked up
Some people stocked up before the hurricane hit and others are going out to gasoline stations and stocking up to sell at an enormous profit. ABC quoted a male who stockpiled 500 gallons before the storm hit and sold his entire stock for $11 per gallon. New York magazine quotes a variety of prices posted on Craigslist, ranging from $8 per gallon to $20 per gallon, and others selling five gallon parcels for $70 to $100 for five gallons.
Generally, a fuel can only cost a few dollars to get, but people have been selling them for $40 apiece or $200 for a five-gallon can, according to ABC. They are a hot item too apparently.
Everything has to stay anonymous definitely considering it is entirely illegal. People are getting short term loans for their lawyers since it is illegal during a disaster to markup prices more than 10 percent.
Takes place all the time
According to the Los Angeles Times, there was an employee in Los Angeles that got arrested for stealing and selling 800 gallons of the city�s supply of gas. There are a ton of black market items out there, surprisingly, and you can have access to them for those who have the internet.
It's not even new for New York. In February, when fuel prices were more than $4 per gallon in the city, a number of people were leaving the city, getting large amounts of gas for cheaper outside the city and selling it, according to the New York Daily News. One man was found by police with more than 400 gallons in container inside a van.
There was an enormous gasoline black market during World War II when there was fuel rationing. Just expect that there will be hoarding and selling for profit quite often when there is a fuel shortage.