We have all seen the posts around the internet that a gasoline boycott on May 15th will help put an end to the surging gasoline prices that the nation is dealing with. Chances are if you spend any time whatsoever on the internet you have seen the rants about the boycott on message boards, a friend's blog, forwarded emails from friends...almost everywhere. But is there any truth to the claim that a one day gasoline boycott will help ease prices at the pumps?As many of you probably already realize, this probably isn't going to do much to alleviate record high gas prices. Sure, thousands, maybe millions, of people might do their part and avoid stopping into their local Exxon station tomorrow, but how many of these same people will need to fill up tonight to make sure they can "do their part" tomorrow? How many drivers are going to manage to make it through Tuesday without stopping for gas in order to "do their part," only to wake up Wednesday morning and cruise on fumes into the nearest station they can find?
Do you see where I am headed with this? What day you buy your gas isn't the key to making a difference. The key to making a difference would be to stop buying gasoline altogether. Or at least finding a way to significantly cut consumption. Changing the day you buy your gas won't make any difference at all.
According to the information we're being presented in the "gasoline boycott" propaganda is that a similar boycott back in 1997 was responsible for a 30 cent drop in the price of gasoline in just one day! Wow... thirty cents falling off the price in a day... what a great idea! Unfortunately this is just not true. According to The Energy Information Administration, there was never an observable drop in demand for any week in the spring that could be associated with a boycott. As for the reported 30 cent drop in April 1997? During that month the price of gasoline did not move by more than a penny.
Still, the indignant cries for a boycott continue.
Example of one such cry to action, this one found on the excellent urban legend debunker Snopes.com
"DO NOT PUMP GAS ON MAY 15TH...If you want to stay away from the pump tomorrow and "do your part," by all means don't let me talk you out of it. But if you should decide to follow through on your boycott plans, take it one step further. What's the larger problem? Is there any way you can effectively cut your consumption of gas?
On May 15th all myspace members are to not go to the gas station in protest high gas prices. Gas is now over $3.00 a gallon in most places. There are 72,110,073 members currently on the network, and the average car takes about 20 to 30 dollars to fill up. If all myspace members did not go to the pump on the 15th it would take $2,163,302,190.00 out of the oil companys pockets for just one day, so please do not go to the gas station on May 15th and lets try to put a dent in the oil industry for at least one day.
If you agree (which I cant see why you wouldnt) repost this bulletin repost it with "Don't pump gas on May 15th, 2007" (SIC)
Here is an interesting read discussing 6 ways that gasoline prices may be effectively reduced.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor'sObserver.
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Reader Comments (Page 1 of 1)
5-14-2007 @ 9:02PM
Misty said...
Checked out the Scopes piece last week when someone was pushing the boycott. To be honest, I've never really thought that such things would generate much interest in the first place, much less have much effect. Maybe all my friends are just self-centered idiots. :-)
And who knows, a solution might rear its head any day. :-)
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