Posted by Dinah on September 14, 2008, at 8:43:17
In reply to Re: Wow Running Out Of Gas Here And Prices Anyone else » Jay_Bravest_Face, posted by Phillipa on September 14, 2008, at 0:37:28
IMHO, if people hadn't panicked and rushed the gas lines to top off, the stations wouldn't have run out of gas. Running out of gas at the retail level one day after the storm doesn't reflect anything but consumer panic. How would shortages get that far down the pipeline that fast?
We're not out of gas locally, no one has raced to the pumps, and as far as I know prices haven't gone up any more than they've bobbled up and down recently. Consumers are only filling their tanks early if they're worried they need to evacuate.
If oil weren't so darn speculative, in terms of oil futures and all, things would go much smoother. Let's wait and assess the damage. My understanding is that the storm came far enough south to miss most of the rigs, and the damage to the refineries hasn't yet been assessed fully.
If the refineries are seriously damaged, the feds will release some of the strategic reserve. That's what it's there for. Emergencies.
Consumers may be panicking, and speculators may be panicking, but that can't really be blamed on the rich. OPEC just cut production a smidge (to stabilize prices), also, and they can uncut if necessary.
I *really* wish they would put regulations on commodity futures. It makes the price of oil far more unstable than it needs to be. I was hoping the recent decline in oil prices would provide a salutary lesson into the riskiness of that venture.
poster:Dinah
thread:851687
URL: http://www.dr-bob.org/babble/social/20080905/msgs/851913.html