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Panic buying

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Title: Panic buying  
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Subject: Fuel protests in the United Kingdom, The War Game, Rationing, 2005 Jilin chemical plant explosions, Grangemouth Refinery
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Panic buying

Panic buying is the act of people buying unusually large amounts of a product in anticipation of or after a disaster or perceived disaster, or in anticipation of a large price increase or shortage, as can occur before a blizzard or hurricane or government decree banning a particular popular product such as incandescent light bulbs. These goods are bought in large amounts to offset a potential shortage or as an act of safety. While panic buying can result in a sudden increase in the cost of goods, it is distinct from looting as it does not entail theft or deliberate property damage.

Examples

Panic buying occurred before, during or following the:

Therefore, emergency planners advise that people should maintain a stockpile or pantry list at all times. This advice is intended to avoid excessive or last-minute purchases, which can put a strain on supply in times of shortages.

References

  1. ^  
  2. ^ Alice L. George (2003). Awaiting Armageddon: How Americans Faced the Cuban Missile Crisis. The University of North Carolina Press. p. 78.  
  3. ^ Lohr, Steve (January 1, 2000). "Technology and 2000 – Momentous Relief; Computers Prevail in First Hours of '00". New York Times. 
  4. ^ "The Millenium Bug threatens food supply systems – developing countries are also vulnerable, FAO warns".  
  5. ^ Collins, Nick (25 August 2009). "EU ban on traditional lightbulbs prompts panic buying". The Telegraph. 
  6. ^ "UK fuel blockades tumble". BBC News (British Broadcasting Corporation). 14 September 2000. Retrieved 12 January 2008. 
  7. ^ "Toxic leak threat to Chinese city". BBC. 23 November 2005. 
  8. ^ "Massive blaze rages at fuel depot". BBC News. 12 December 2005. Retrieved 19 October 2009. 
  9. ^ "Fire Rages After Blasts At Oil Depot". Sky News. 11 December 2005. Retrieved 19 October 2009. 
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