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Breaking News: Serious Chaos In Us

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Just heard from a friend of mine that some gas stations in the South of the US are running out of gas and it is being rationed. This is in Georgia and not in Louisiana or Mississippi. Apparently people are panic buying because they fear gas will reach $4 a gallon on the back of Katrina.

Serious stuff.

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Think I'll pop out and fill up my car now (joking... well maybe!)

This really could be the start of the global recession. Either way it's interesting to see that a few weeks back there was clearly no immediate threat and no sudden shock. Yet out of the blue we have a shock (which is of course the very nature of a sudden shock).

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Just heard from a friend of mine that some gas stations in the South of the US are running out of gas and it is being rationed. This is in Georgia and not in Louisiana or Mississippi. Apparently people are panic buying because they fear gas will reach $4 a gallon on the back of Katrina.

Serious stuff.

$6 gallon at BP stations in Atlanta.

In Georgia, a few gas stations were charging as much as $6 per gallon after other retailers had run out of gas and long lines running into nearby streets were reported across the state. In response, Gov. Sonny Perdue signed an executive order authorizing state sanctions against gas retailers who gouge consumers.

"I'm frankly embarrassed for our state and some of our businesses that we have to do this," said Perdue, after pleading with Georgians to remain calm.

Edited by BuyingBear

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Apparently people are panic buying because they fear gas will reach $4 a gallon on the back of Katrina.

Serious stuff.

We can only dream of paying $4 a gallon in the UK. What are paying at the moment? Around $7 a gallon.

Lucky b*stards. I would be stocking up at that price given the chance!

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My Local petrol station shot up by 20cents a litre today. From $1.05 to $1.25

Queensland, Australia -> our petrol is "subsidised" (well actually the state tax is lower than other Oz states)

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Inflation at 300%. OMG.

Surely this is just rampant profiteering and not reflecting any underlying.

The national guard should shoot to kill on these mofos, not the poor b*stards trying to get a little compo for a few hundred years of slavery and oppression by stealing a few sweatshirts.

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Surely this is just rampant profiteering and not reflecting any underlying.

The national guard should shoot to kill on these mofos, not the poor b*stards trying to get a little compo for a few hundred years of slavery and oppression by stealing a few sweatshirts.

You mean like houseprices?

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Just heard from a friend of mine that some gas stations in the South of the US are running out of gas and it is being rationed. This is in Georgia and not in Louisiana or Mississippi. Apparently people are panic buying because they fear gas will reach $4 a gallon on the back of Katrina.

Serious stuff.

I couldnt care less about their gas shortage more will it mean that they finally trade their SUVs in for fuel efficient cars driven at an economical speed. The rest is simply extortionate obnoxious greed.

Bring it on! :lol:

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It is still too early to say what the full impact will be since the full extent of damage and production loss, especially refineries, is not known yet.

But if anything less than the BEST case scenario becomes reality then it seems very likely that WE HAVE A TRIGGER for practically any economic event that was waiting for one. House prices, recession etc. - this is very much in the "trigger" category.

And it meets the definition of a shock - it was a surprise and it's serious - whereas interest rates, price fluctuations etc have to date lacked the "surprise" aspect.

I repeat my previous comments that the loss of natural gas production is being largely overlooked and could well be more serious than the oil due to the difficulty in shipping the stuff. The US just doesn't have spare gas import capability and has no spare production either. AND there's no emergency stockpile. If that lost gas production is replaced by increased oil use, something that the market has almost certainly NOT priced in since it's energy industry knowledge rather than financial markets knowledge that this could happen, then just watch the oil price explode...

As for Saudi Arabia's reported offer to increase production. 1. They don't appear to actually have the capacity. 2. There's not enough tankers available to ship it anyway so they're safe making an offer then know can not be accepted. And even if there were enough tankers, unloading the increased volume at the US end could well be a problem given the general chaos after the storm. It's not as if they could just unload it somewhere else and truck it by road - far too much to do that so it needs to come into the major terminal near where the storm hit.

I don't want to be overly pessimistic but I just can't see a way out of this one. At least not one that doesn't involve continuing heavy draws on the strategic reserves which of course just isn't sustainable due to the volume limits.

Edited by Smurf1976

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"It's much farther-reaching than me just handing over green dollars at a gas pump," said Steve West, 52, an account manager at Worldspan in Atlanta. "I was around back in the 1970s when there was no gas, so I've been through that before and I know that was not pleasant."

"I think the days of cheap gas are done. They've gone bye bye," said Mark Dugas as he was filling his Ford Mustang at a gas station in Rhode Island.

http://www.forbes.com/business/healthcare/.../ap2200341.html

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"It's much farther-reaching than me just handing over green dollars at a gas pump," said Steve West, 52, an account manager at Worldspan in Atlanta. "I was around back in the 1970s when there was no gas, so I've been through that before and I know that was not pleasant."

"I think the days of cheap gas are done. They've gone bye bye," said Mark Dugas as he was filling his Ford Mustang at a gas station in Rhode Island.

http://www.forbes.com/business/healthcare/.../ap2200341.html

More like the days of gas gussling inefficient SUVs are gone. Anyone really sorry to see the back of the urban 4x4 that never sees dirt? :lol:

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The strategic reserve is being released so this is just honest racketering.

The strategic reserve contains crude oil only, not petrol, diesel, avtur etc. Whilst it will keep the refineries running, there is now almost certainly a shortage of refined product no matter how much crude is available.

It was tight before the storm and production has been lost and continues to be lost. It can't possibly have done anything but turn a tight supply into something worse...

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The strategic reserve contains crude oil only, not petrol, diesel, avtur etc. Whilst it will keep the refineries running, there is now almost certainly a shortage of refined product no matter how much crude is available.

It was tight before the storm and production has been lost and continues to be lost. It can't possibly have done anything but turn a tight supply into something worse...

Exactly. It is there in case of a disruption in oil supplies and not not refinery capacity shortages.

Strategic Petroleum Reserve

The U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. Established in the aftermath of the 1973-74 oil embargo, the SPR provides the President with a powerful response option should a disruption in commercial oil supplies threaten the U.S. economy. It also allows the United States to meet part of its International Energy Agency obligation to maintain emergency oil stocks, and it provides a national defense fuel reserve.

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I couldnt care less about their gas shortage more will it mean that they finally trade their SUVs in for fuel efficient cars driven at an economical speed. The rest is simply extortionate obnoxious greed.

Bring it on!  :lol:

They don't drive that fast in the US, some states can be very petty when it comes to speed. Does make you wonder if some of the 75mph freeways in California will be dropped back to 55mph.

I don't think anything will beat the M1 in the 60's, the roads were clear and unrestricted with no central crash barriers(!), petrol was cheap but the cars were crap (mostly). Shame I wasn't born.

Our motorways are being loaded up with SPEC's speed cameras as we speak, the normal network of cameras aren't yielding enough and HM Tresury is really having to dig deep where ever it can.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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