71% said their main reason for hoarding was fear of extreme events that would cause people to snap up gas.
Gasoline prices across the U.S. rose again, hitting a five-month high above $3.60 a gallon. Oil prices surged after Saudi Arabia recently announced it would reduce its oil production. Analysts warn that a combination of high demand and rising oil prices could push natural gas back to the all-time high of $5 a gallon hit last summer.
Given these forecasts, many motorists are now stockpiling gasoline to lock in lower prices.A survey of 3,000 drivers Gunther Volvo Delray Beach and executed by problem pro More than a third of drivers (34%) were found to be hoarding fuel. In New York, for example, this rises to 39% of drivers admitting to buying more gas than they currently need.
Despite concerns that gas prices will continue to rise, hoarding gas raises some ethical questions. The survey found that 65 percent of respondents who stockpiled gasoline felt remorse for their actions. Additionally, one-third of respondents who did not stockpile gasoline said they would name and shame someone on social media if they saw someone doing so.
Infographic showing statistics on natural gas hoarding across the U.S.
Of those who admitted to hoarding gas, 71% said their main reason for doing so was fear of extreme events that would cause people to snap up gas. This reasoning is understandable as recent global events such as the COVID-19 pandemic and war in Europe have resulted in extreme shortages of various products. Panic buying of discretionary items such as toilet paper has also occurred, so it is not far-fetched to assume that a similar phenomenon may also occur with natural gas.
Interestingly, the study found that 41% of gas hoarders would not hesitate to resell it to friends, family or neighbors at a higher price if the supply diminished. This raises questions about community spirit and whether people prioritize profit over helping others in times of crisis. Additionally, 56 percent of respondents said they would politely decline to offer gas to their neighbors at a premium during a supply shortage.
“While stockpiling natural gas may seem like a logical step to take in response to rising prices, it’s important to consider the moral implications of such actions.It’s understandable to worry about running out of gas during a crisis, but we can’t forget to prioritize community spirit and help each other in times of needsaid Joseph Gunther IV of Gunther Volvo Delray Beach.
