Drivers putting less gas in tank, then running out

[SeanO]

Re: Drivers putting less gas in tank, then running out

That action would require a living, breathing, thinking human being.

CC pump transactions proceed in the following fashion (I might fudge a few details - blame my declining memory):

1) After swiping the card, a $200 "hold" charge is transacted.

2) You pump your gas & go on your way

3) Usually within 24 hours, the CC back-office receives data dumps of the day's receipts from the gas station. These transactions are matched against the initial "hold" charges, reconciled for the actual amount, and the hold charge cancelled.

You can test this by taking a card that's almost maxed (within $50 of the limit), and swipe it at a pump. It will be declined automatically due to the hold charge exceeding the credit limit.

If correct, then that explains why they keep the limit at $50 to $75. To make it higher would result in too many declines for those running close the limit. I have no problem filling up if I go in and give my card to the cashier.

Seems to me that as prices continue to rise, whomever it is that makes the pumps is going to do really well retrofitting them to deal with issues like this. The place I get gas for my boat already sets the price at half, and doubles at the register because their old pumps can't handle prices above $4.

[Slimprofits]

Re: Drivers putting less gas in tank, then running out

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[Guest]

Re: Drivers putting less gas in tank, then running out

Can't they just check the credit limit? If I have a card with a $5K limit and a $4,500 balance, why can't I fill 'er up for $100?

Yeah, the limits on pumps are out of date at some places. I even had a $330 gift card from the Kroger grocery chain that has fuel pumps cut me off at about $80 yesterday.

I'm pretty sure you can just start over. I know you can if you just whip out another credit card.

This particular location has the cheapest gas around, since it's in a rural area and they knock $.10/gal off if you bought groceries. It has been a madhouse there every time I visit for the last 2 years. It's rare if they don't have at least one set of pumps bagged because the tank is empty. The hysteria and impatience I saw with people jockeying to wait in line for a pump yesterday reminded me of the 70's and made me start researching ways to store a 100 gal or so at home for when I don't have time to hassle with it. I use a lot of fuel in my business and the idea of waiting in lines in a year after they institute some sort of misguided price controls makes me nauseous. It'd be nice to be able to have fuel and only make runs to the station at 1am if that's what it took to avoid the chaos.

[flintlock]

Re: Drivers putting less gas in tank, then running out

I often no longer fill up for the simple reason that a full tank is often above the $50 or $75 self-service limit on the pump. The most convenient station for me takes forever to clear after fueling so I rarely wait to do another round for the last 5 gallons. I with they would just make the max 25 gallons, rather than $ based.

Hey, I just emailed my credit card company because of this! I thought it had something to do with my credit card limiting me to $75. ha. You mean the pumps limit you to $75? Boy does that need to be fixed.

[FRED]

Re: Drivers putting less gas in tank, then running out

Hey, I just emailed my credit card company because of this! I thought it had something to do with my credit card limiting me to $75. ha. You mean the pumps limit you to $75? Boy does that need to be fixed.

Just warming you up for rationing. Get used to it.

[metalman]

Re: Drivers putting less gas in tank, then running out

Just warming you up for rationing. Get used to it.

good point. i do not recall getting cut off before. soon it'll be $50 per person per week. or they'll keep it at $75 but gas will be $7/gallon. the software is ready.

i'm haunted by this chart. something has gone terribly wrong...

[Guest]

Re: Drivers putting less gas in tank, then running out

i'm haunted by this chart. something has gone terribly wrong...

Metalman - Why not just mail this chart to MISH for laffs? He's got so many years of agonizingly detailed market-parsing invested in "leading his flock of deflationist sheep" in the opposite direction I bet this chart would haunt him ten times more than it haunts you. If I were MISH, with so many years invested in preparing for the mirror opposite, this chart would have me looking ragged and sleepless inside of a month. Seriously, someone should just email this to him with a caption "Help! Mish, tell us what to do?? Do we need to buy some ZERO COUPON BONDS here, or what??

[metalman]

Re: Drivers putting less gas in tank, then running out

Metalman - Why not just mail this chart to MISH for laffs? He's got so many years of agonizingly detailed market-parsing invested in "leading his flock of deflationist sheep" in the opposite direction I bet this chart would haunt him ten times more than it haunts you. If I were MISH, with so many years invested in preparing for the mirror opposite, this chart would have me looking ragged and sleepless inside of a month. Seriously, someone should just email this to him with a caption "Help! Mish, tell us what to do?? Do we need to buy some ZERO COUPON BONDS here, or what??

too cruel. the guy is hopelessly wrong.

the picture says the fed has lost control.

just look at those two puny periods of energy price disinflation... six months in the early 1990s recession and a year in the 2001 recession. since 1982... that's it!

oh, besides the one instance that haunts me... the huge drop just before the 1987 market crash!

there is a big fat black swan out there, for sure in that rise since 2002 and my instinct says it's disinflationary.

[GRG55]

Re: Drivers putting less gas in tank, then running out

too cruel. the guy is hopelessly wrong.

the picture says the fed has lost control.

just look at those two puny periods of energy price disinflation... six months in the early 1990s recession and a year in the 2001 recession. since 1982... that's it!

oh, besides the one instance that haunts me... the huge drop just before the 1987 market crash!

there is a big fat black swan out there, for sure in that rise since 2002 and my instinct says it's disinflationary.

Does that mean that you think that MISH may ultimately be proved correct?

[metalman]

Re: Drivers putting less gas in tank, then running out

Does that mean that you think that MISH may ultimately be proved correct?

to be clear, mish has been since 2004 forecasting a deflation spiral... crashing prices, disappearing money, soup lines, bankruptcies, etc. ala 1930s. ej talks about disinflation, falling rate of inflation growth (say, 3% to 2%) vs deflation... negative inflation rate (-2%). what to invest in? gold! he says. nuts.

'correct' as in if i tell ya from 2004 to 2008 that a deflation spiral is coming any day now and you invest accordingly and instead a six month disinflation happens in 2009... i'd say if he says 'told you so' then during those six months of disinflation... anyone who accepts this as 'correct' really very badly wants to believe it and forget all about the fact the guy's been wrong for six years. that sad person is also gonna expect a deflation spiral... again as mish called for over and over... and will be wicked disappointed because there ain't nuthin to deflate the dollar against.

[Spartacus]

Re: Drivers putting less gas in tank, then running out

predicted, yes - but you've forgotten that he declared several times "and so it begins" (helps to do this in Kosh's voice)

Once he predicted the start when Outback Steakhouse & a couple of other chains lowered hamburger costs, and another time when the price of manicures was reportedly going down.

to be clear, mish has been since 2004 forecasting a deflation spiral... crashing prices, disappearing money, soup lines, bankruptcies, etc. ala 1930s. ej talks about disinflation, falling rate of inflation growth (say, 3% to 2%) vs deflation... negative inflation rate (-2%). what to invest in? gold! he says. nuts.

'correct' as in if i tell ya from 2004 to 2008 that a deflation spiral is coming any day now and you invest accordingly and instead a six month disinflation happens in 2009... i'd say if he says 'told you so' then during those six months of disinflation... anyone who accepts this as 'correct' really very badly wants to believe it and forget all about the fact the guy's been wrong for six years. that sad person is also gonna expect a deflation spiral... again as mish called for over and over... and will be wicked disappointed because there ain't nuthin to deflate the dollar against.

[Guest]

Re: Drivers putting less gas in tank, then running out

Manicure prices dropping is intensly deflationary. If you are alert you will be constantly checking the prices in manicure shops. Then when the first whiff of manicure deflation arrives, you'll be well prepared and can sidestep the carnage, while everyone else loses everything and winds up on the street wearing one of those cardboard billboards which read "will work for food". Mark Mish's words, the manicurists will be the canary in the coalmine (OK, I'm mixing my metaphors here, but if you are smart, you'll heed the warning!).

In fact you can even get a jump on the eagle eyed "manicurist deflation harbinger watchers". You can keep a beady eye on the state of everyone's fingernails. When you start seeing a lot of ragged fingernails around, watch out and be on your toes inching towards the exits, because you'll be one of the earliest to know what's really going down.