Wednesday, November 7, 2012

Sex for gas (petrol)

Good morning economists. Today I would like to discuss the idea of barter. Barter is the exchange of goods and services with other goods (or services) without the need of money to act as a medium of exchange. While you may have performed such an exchange in the past, people that live in New Jersey and New York have made this their daily routine.

After the disaster from hurricane Sandy and the subsequent loss of public utilities such as electricity, people found themselves faced with food and gas (petrol) shortages.
The screen capture above is from Craigslist and presents the severity of the problem. People are prepared to exchange sexual acts for gas! Now the law says that solicitation and prostitution is illegal, however, is this only limited to money?

The rise of the black market of gas is the result of shortages or excess demand in the area. The police has so far confiscated 30 five-gallon buckets of gas from people who drove all the way to Connecticut to buy gas at $4 per gallon in order to sell them at $20 per gallon in New York. I am wondering how gas much the person with the "phat ass" (seen above) is prepared to "pay"!!!

Have a full tank day!

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