Friday, September 12, 2008
Gas Price panic?
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The Clarion would hate to contribute to such a thing by spreading the word, but anecdotal evidence indicates the storm is already gathering, (pun intended.)
Example one: our local, Durham, North Carolina, BP station raised prices by 37 cents overnight for regular unleaded, from $3.62 per gallon to $3.99 per gallon.
Example two: multiple eyewitness reports out of Raleigh, NC have gas stations limiting customers to purchases of no more than ten gallons of gas.
Example three: news sources out of Kentucky report Gulf Coast wholesale gasoline, which was available for $3.25 per gallon only yesterday, has spiked to $4.75 per gallon today.
All this in anticipation of the arrival of Hurricane Ike on the Gulf Coast. Other media outlets reported that Sheetz Inc., owner of the pipeline in East Texas that supplies gas to the northeast has shut it down in preparation for Hurricane Ike's landfall. They say the pipeline is going to be shut down until Monday.
Of course, all sources agree that panic buying and topping off tanks unnecessarily would make the situation much worse.
Labels: Economy, energy policy
Comments:
Bloomberg media is reporting as of today that, "Hurricane Ike caused more than 19 percent of the nation's refining capacity to close and may limit fuel deliveries across the country. At least 13 refineries in Texas shut down as Ike approached."
Read more here.
Read more here.
You give much too much credit to Sheetz, Inc as being a producer of gas in the East Texas oilfields. Sheetz, Inc is a distributor of fuel, as noted at the beginning of your citation.
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