OK, lets set this right.
1) Drudge, et al, note that the east coast gasoline pipelines are down because of power loss through LA, MS. There is a 10 day supply in most areas, but power should be restored (report this morning is that they were now to 25% capacity on the flow rate).
2) Some Asshat starts a rumour that the stations will be closing at 3pm because they are out of gas. This quickly spreads and the less than intelligent journalism majors on the local radio stations repeat it.
3) Everyone without a clue piles into their cars to fill their tanks before the stations close. This spike in demand actually creates a shortage at the stations.
4) The stations raise their prices in anticipation of their wholesale price and cost going up (and some are asshats).
5) The government decides to really screw it up and artificially set gas prices by going after 'gougers'.
Lessons - people are idiots. "Gouging" actually helps prevent supply shocks and is not gouging, it is free-market correction and should be allowed (so those idiots that were filling a cooler (yes, like you put beer in) would at least think twice - filling a cooler should be $20/gallon) as higher prices prevent stronger supply shocks and reduce unnecessary demand. If fact, "gouging" is the only thing that will prevent this from becoming a real shortage. Painful for those that need it, but blame it on the asshat with a couple of coolers of gas in his basement for it.
Rumours and asshats have actually created a temporary shortage until the supply can reach the stations, but the prices are going to remain high in the interim because all this "shortage" has pushed the gas futures up (I hate freaking speculators and futures traders as they are moronic sheep too.)
Oh, I knew there was going to be a supply shock, but did not anticipate the freaking idiots. I told my wife to fill her car yesterday morning as I expected the price to go up to $2.70 or so. But then some idiots start rumours that we are out of gas... :|