Gas shortages start to shut pumps

Discussion in 'Current Events' started by Katzndogz, Oct 4, 2012.

  1. Katzndogz
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    Katzndogz Diamond Member

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    California Gas Stations Begin to Shut on Record-High Prices - Bloomberg

    Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. (COST) are beginning to shut pumps because of supply shortages that have driven wholesale fuel prices to record highs.
    Costco’s outlet in Simi Valley, 40 miles (64 kilometers) northwest of Los Angeles, ran out of regular gasoline yesterday and was selling premium fuel at the price of regular, Jeff Cole, Costco’s vice president of gasoline, said by telephone. The company hasn’t been able to find enough unbranded summer-grade gasoline to keep its stations supplied, he said.

    The gasoline shortage “feels like a hurricane to me, but it’s the West Coast,” Cole said yesterday. “We’re obviously extremely disheartened that we are unable to do this, and we’re pulling fuel from all corners of California to fix this.”
    Spot, or wholesale, gasoline in Los Angeles climbed 30 cents to $1.45 a gallon over gasoline futures traded on the New York Mercantile Exchange, data compiled by Bloomberg show. That’s the highest level for the fuel since at least November 2007, when Bloomberg began publishing prices there. The premium has surged $1 this week. On an outright basis, the fuel jumped to $4.3396 a gallon.

    This is REALLY turning into Jimmy Carter Part Two.
     
  2. Jackson
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    Jackson Gold Member Supporting Member

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    If this trend continues, it will affect other states as well right before the election.....
     
  3. Katzndogz
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    Katzndogz Diamond Member

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    Everything starts in California.
     
  4. Newby
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    Newby Does it get any better? Supporting Member

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    Don't they require really extreme blends for gas tho that the rest of the country doesn't? Which is why they can't use grades or blends from another state?
     
  5. uscitizen
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    uscitizen Senior Member

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    Since mid-September, oil prices have dropped 11 percent – including a 4 percent drop Wednesday – largely on concerns about the sluggish global economy. Overall U.S. supplies remain plentiful and demand is anemic.

    Gas Prices Still High On Coasts Due To Low Supplies
     
  6. Katzndogz
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    Katzndogz Diamond Member

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    If gas prices are dropping how come they are still rising?
     
  7. 007
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    007 Charter Member Supporting Member

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    [​IMG]
     
    • Thank You! Thank You! x 1
  8. Katzndogz
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    Katzndogz Diamond Member

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    No doubt that the president's policies have figured in greatly. There's a reason why gas was $1.84 the day obama took office and is now $4.49.
     
  9. uscitizen
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    uscitizen Senior Member

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    Hey the problem is not no "Drill baby drill" it is "refine baby refine".
     
  10. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Not to worry, we have plenty of Windmills and Solar Panels for everyone.
     

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