Panic Buying & Conspiracy Theories

[Martin]

From: www.theglobeandmail.com

Even before I got out of bed, I could tell Britain had entered one of its periodic national crises of stiff-upper-lip, everybody-pull-together stoicism. I could tell because BBC Radio 1 was patiently explaining to listeners how to store large quantities of petroleum in your house, and urging people to avoid a complete societal breakdown.

Walking onto the main street, it was quickly apparent that Britain had entered a fuel panic. My local gas station, usually quiet, had a lineup outside, including people carrying plastic containers to store fuel at home.

Elsewhere things were less civil. In the southern English city of Bournemouth police had to close a gas station because tempers flared when motorists began to “argue over queue-jumping” in a half-mile lineup outside the station.

Garages reported an 81 per cent increase in fuel sales, and department stores reported a 500 per cent increase in sales of jerry cans, with the director of one chain, Halfords, telling reporters that “it is clear that there is an element of panic buying, with customers telling us they want to be prepared.”

The ostensible reason for the panic is a possible strike by fuel-truck drivers, part of a wave of industrial action that has hit Britain during the country’s deep economic downturn. While the government has insisted that it is training soldiers to deliver the fuel, the British public seem to have been hit with an apocalyptic sensibility.

It didn’t help that Francis Maude, one of David Cameron’s top cabinet ministers, blurted out during a briefing that he felt it would be a “sensible precaution” to keep a “little bit of fuel in the jerry can in the garage.”

In a country where “having a little drink” is taken to mean multiple litres of beer, people took those words as a licence to hoard.

Opposition leader Ed Miliband responded with strong words: “The prime minister is presiding over a shambles on petrol.”

Mr. Cameron was quick to slap down his minister’s advice, telling people not to panic, but it was too late. It didn’t help that jerry cans, those 20-litre metal carriers you’ve seen in every Second World War movie, have been unlawful for decades.

Mike Penning, the roads minister, apologized for his colleague’s words.

“What Francis didn't quite realize is that a jerry can holds 20 litres, and of course you're only allowed to have two five-litre cans of petrol,” he said. But he defended the hoarding advice: “If the strike goes ahead – and we don’t want the strike to go ahead… it’s going to be a much better-prepared situation if petrol tanks are topped up.”

A few more conspiracy-minded Britons wondered if Mr. Cameron was up to something: After all, the economy’s first quarter was due to end at midnight Thursday, with the Organization of Economic Cooperation and Development predicting that Britain will have tumbled into recession – that is, two consecutive quarters of economic non-growth.

One writer suggested that George Osborne, Chancellor of the Exchequer, might have hoped that a nationwide binge of last-minute fuel-buying would produce just enough economic activity to keep the country out of a technical recession. “It isn’t a far-fetched idea to assume Osborne will do almost anything to avoid a technical recession,” Sunny Hundal wrote.

As if to confirm this, the Automobile Association reported that panic-buying of fuel was, in the words of the Evening Standard, “handing the Treasury a 32-million pound windfall from extra fuel excise duty.”

[Martin]

I do think we are also talking ourselves into a financial disaster. I know one exists anyway, but we are making it even worse. Much of the financial problems around today are a lack of confidence.

[dr wu23]

Originally Posted by Martin

I do think we are also talking ourselves into a financial disaster. I know one exists anyway, but we are making it even worse. Much of the financial problems around today are a lack of confidence.

I agree Martin and much of this is due to speculators who want prices to rise and fall so they can make millions from betting on this on Wall St and the other market agencies around the world.
I have said for years that they should shut these 'gambling houses' down since that is exactly what they are and while these robber barons are getting rich the rest of us usually get screwed by these market scares and manipulations.

[lee934]

The only people who would panic buy fuel and hoard it are probably the same people who think England will win Euro 2012.

[orangekea]

Hi Martin, well I"d say a modern society like your own by no means can give iron clad guarantees it will keep up supply of all important goods and services. Natural disasters, transport strikes you name it, lots of ways this could be disrupted. Nor can a nation absolutely safeguard the well-being, prosperity or even LIFE of its citizens. Money systems may collapse, terrorists or rogue nations may attack.

So without any panic, or talk of doom, impending shortages, I feel it is prudent to be nicely stocked up on everything, be it bottled water, fuel, canned/freeze dried foods, anything you might need to continue the life of your family if one's country goes down the ah.. toilet. For Americans a gun or two for 'home protection' would be added.

Imo we live in a unsafe world, so we must be ready for anything.


orangekea

[FROGLIPZ]

I've seen this first hand (as i work in a supermarket) when we had our big earthquakes everyone went nuts it took months to recover from lack of stock it was getting to us by train which took days so by the time it arrived the shelves were empty.
And when i needed to get fuel, i went to one out of town cause i knew that any in town would be chaos, but i still had to line up for an hour, all the petrol stations were empty within a few hours!

(Just had another little earthquake while writing this lol)

[Martin]

I've often thought of storeing lots of long lasting food.

[Martin]

The numbers of people taking holidays seems to be down.