Experts: ‘Irrational’ behavior drives gas prices more than Ike

(CNN) — Gas prices across the Southeast and Midwest soared over the weekend, and while many would blame Hurricane Ike, human nature may be a more likely scapegoat.

Experts say that when a perception exists that gas is limited — warranted or not — consumers flock to the pumps even if officials implore them to stay calm.

It’s a combination of fear, desire, distrust and protectionism, experts say.

“When you have a perceived scarcity of any product, research shows the attractiveness of that product goes up,” said Dr. Rao Unnava, marketing professor at Ohio State University.

Grocery and department stores are keenly aware of the phenomenon, Unnava said, which is why sale flyers often declare things like, “limit three items per customer” or “price valid only through Friday.”

Research shows that such advertisements can actually double or triple sales of a product, Unnava said.

CNN