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Re: Wholesale Gasoline Shortage In California Causes Gas Stations To Shut Down: Hoarding Next?

By: ribit in ROUND | Recommend this post (0)
Sun, 07 Oct 12 4:28 AM | 63 view(s)
Boardmark this board | De's Test Board 		Msg. 44506 of 45651
(This msg. is a reply to 44477 by capt_nemo)
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...ktc will be posting about "Big Oil" raping californina.




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The above is a reply to the following message:
Wholesale Gasoline Shortage In California Causes Gas Stations To Shut Down: Hoarding Next?
By: capt_nemo in ROUND
Fri, 05 Oct 12 8:08 AM 		Msg. 44477 of 45651

Submitted by Tyler Durden on 10/04/2012 - 14:54 Crude Exxon NYMEX

"The squeeze is on, and people are doing desperate things," is how one independent described the situation in California. As Bloomberg reports, a shortage of supply along with drastically higher wholesale prices of gasoline has caused 'mom-and-pop' gas stations to close down as their margins are destroyed.

*VALERO SAYS SUPPLY IN CALIFORNIA HAS TIGHTENED
*VALERO SAYS IT HAS TEMPORARILY HALTED SPOT SALES IN CALIFORNIA

The problem is likely a short-term one, according to some, thanks to the temporary shutdown of local refineries (after Chevron's Richmond refinery fire) and maintenance but it is clear that even a short-term blip in wholesale prices (whether driven by local supply or global geopolitics) causes pain as it would appear we are close to 'inelastic' levels of demand.

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http://www.zerohedge.com/news/2012-10-04/wholesale-gasoline-shortage-california-causes-gas-stations-shut-down-hoarding-next

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