Pain at the pumps for Canadian motorists as gas prices shot up Friday (50c/gal)

[Newsjock]

Source: Canadian Press

ORONTO — Motorists in many parts of Canada received an unpleasant surprise Friday with a spike in the price at the pumps.

The price for gas at stations throughout southern Ontario were up by about 13 cents at midnight to more than $1.36 a litre. Prices in Ottawa were also up by 13 cents. A veteran gas-price watcher, Liberal MP Dan McTeague, predicted similar increases would face many Canadian motorists later in the day. News of the looming increases had motorists lining up at gas stations in several cities as they tried to beat the jump in price.

The threat of Hurricane Ike to Gulf Coast oil refineries, mostly in Texas, sent wholesale gasoline prices in the U.S. soaring Thursday over supply concerns.

Read more: http://canadianpress.google.com/article/ALeqM5jJJWbQSX-vaSb0I87pXxShhOLMVg

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Headline from the Anniston (Ala.) Star:
http://www.annistonstar.com/news/2008/as-local-0912-mfaulk-8i11v3227.htm
Police in Roanoke were called out for traffic control Thursday evening as cars lined up at service stations after a rumor spread that the price of gasoline would go to $5 per gallon after midnight.

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From WALB, Albany, Ga.:
http://www.walb.com/Global/story.asp?S=8996528&nav=5kZQ
On Wednesday the EnMark Station on North Slappey in Albany ran out of everything but premium grade gasoline.

Workers say their supplier didn't have any gas, and they're not sure when their tanks will be full again.

Prices jumped all over south Georgia today, more than 25 cents a gallon in some places.

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From The Gainesville Sun:
http://www.gainesville.com/article/20080911/NEWS/809129958/1002/news&title=Rumors_fuel_area_pump_rush
Lines wrapped around gas stations in some areas of Gainesville on Thursday evening as rumors of rising gas prices and fears of Hurricane Ike hitting Texas oil refineries started a run on gasoline locally.

E-mails about $5 gas prices and signs at some area gas stations asking customers to limit purchases to 10 gallons apparently fanned worries.

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From the Southern Illinoisan:
http://www.southernillinoisan.com/articles/2008/09/11/front_page/25849565.txt
As Hurricane Ike took aim at the heart of the U.S. refining industry, cars lined up eight and 10 deep at each pump at the Herrin Kroger station Thursday evening as rumors circulated throughout the region that gas might hit $5 per gallon by this morning.

... Regular unleaded was going for $3.75 about 7 p.m. at Shell, and at 8 p.m. it was priced at $4.09 at BP.

[Democat]

1. Am I the only one who read the headline of this thread as

Palin at the pumps?

I was afraid she was already ruining the economy of Canada as well as the US!

[Crabby Appleton]

3. I did - I was wondering how Palin could have any influence

on Canadian gas prices.

[Festivito]

2. Oil plumets while gas in short supply? Sounds like manipulation.

Nice post Newsjock.

[BumRushDaShow]

4. I think in this case it's because one can have all the oil one wants but

can't refine it into gasoline if the refineries are shut down due to the hurricane. Of course shutdowns would reflect the amount of future supplies (with the assumption that there is sufficient inventory around)... But it boggles the mind that they continue to immediately set the current prices higher at the pump based on the "future" whenever there is an expectation that the prices could rise with a drop in supply, but they refuse to do the same in terms of an immediate reduction when the prices "in the future" might fall with an increased supply. :eyes:

[merwin]

5. Hurricanes in the USA... oil/gas companies will use any excuse to raise prices.

[Festivito]

6. I think they've been doing it without reasons.

Except for their own profit.

[Canuckistanian]

7. Even our "free market" Prime Minister is calling this "price gouging"

The manipulation is astonishing. We've had steadily DEcreasing prices for a few weeks now.

Yesterday was the lowest I've seen in about 8 months.

Now BOOM. 15c/Litre (60c/Gal)