First off, any rumor of $4.50+ gas in the Midwest is FALSE.
Just home from work and posting here to help aid in killing false rumors.
First of all, don’t expect shortages of gas. There is no need to panic buy, prices will come down over time, but the worse thing folks can do is think there isn’t enough gas. Thanks to the Canadians, we have oil flowing in from up North. Some Midwest refiners can refine the lower quality Canadian crude oil, so we really shouldn’t be worried. The only worry I have is how fast the Gulf refiners can get back online. Most pipelines and refiners in the Gulf are either still closed from Gustav or have closed due to Ike.
I don’t see prices going any higher this weekend than $4.25 MAX. It shouldn’t even get that high. The Governor is well aware of the situation and appears to have Michigan’s resources ready to fight gouging.
I have to say, gouging isn’t even likely. With so much competition, one station that starts to gouge would have to be followed by more. With corporate owned Speedway, it simply isn’t likely.