Finance expert Mike Periu on the psychology of the sandy gas panic after Hurricane Sandy.
The gasoline lines in New York and New Jersey have stretched for hours; police are guarding gas stations as tempers flare and people are frustrated beyond belief at the prospect of waiting six hours for a few gallons of gas. What is driving this? According to Tom Kloza, Chief Analyst of the Oil Price Information Service, it has nothing to do with fuel levels and everything to do with psychology. Kloza indicates that there is more than sufficient supply to meet demand, but panic combined with social media have lead to the equivalent of flash mobs showing up at stations, which leads to long lines and creating the impression that there isn’t enough fuel. While it’s true that much of the fuel has been inaccessible due to a lack of power for pumps, the root cause of so many long lines is psychological and not a true shortage of fuel.
Who is Mike Periu?
Mike Periu is the President of Proximo, LLC, a company that markets education and training programs to small business owners, entrepreneurs and consumers.
Mike Periu has been interviewed over 500 times for broadcasters including CNN, NBC TVE, RTE and others. Mike is a contributing author to OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike graduated from Georgetown University in Washington, DC. His degrees are in Finance and International Business. In addition to his work Mike is also on the Board of the Council for Economic Education.
Learn more about Mike Periu
Mike works with small businesses to teach them about finance and management. He started Proximo, LLC, a company that offers small business education and training services focused on finance and technology.
Periu also writes for OpenForum, Yahoo! Finanzas the Huffington Post contributor.
Mike went to Georgetown University where he studied Finance and International Business. He also serves on the Board of the Council for Economic Education and was a Fellow at the Kauffman Foundation.
