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040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHB73 JOU
100	1		_aLewis, Matthew S. _eauthor
245	1	0	_aTemporary Wholesale Gasoline Price Spikes Have Long‐Lasting Retail Effects: _bthe Aftermath of Hurricane Rita _ccreated by Matthew S. Lewis
264			_aChicago: _bUniversity of Chicago Press; _c2009.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aJournal of Law and Economics _vVolume 52, number 3
520			_aI study U.S. gasoline prices following Hurricane Rita to show that short‐lived geographical differences in the severity of wholesale gasoline price spikes are associated with long‐lasting geographical differences in retail prices. In most U.S. cities, wholesale prices spiked significantly for roughly 2 weeks following the hurricane. However, in cities where this spike was particularly large, retail margins remained higher than in other cities for nearly 2 months. High retail margins dissipated more quickly after the hurricane in cities where competition between stations tends to generate cyclical retail price fluctuations independent of wholesale cost movements. I discuss why prices may have fallen faster in cities exhibiting retail price cycles and present additional results identifying differences in market characteristics between cities with and without price cycles. I find that cycling cities tend to have higher population density and have independent (nonrefinery brand) stations that are more highly concentrated into large retail chains
650			_aCities _vGasoline _xGasoline prices
650			_aGeography _vHurricanes _xMarket prices
650			_aPrice changes _vRetail prices _xWholesale prices
856			_uhttps://doi.org/10.1086/592056
942			_2lcc _cJA
999			_c164262 _d164262