“This is actually a case of increasing demand, if you’ve seen the lines.”
Consumers respond to market signals, just like sellers do. High prices signal to them that supply is going down (whether they realize it or not), and they rush to get gas before the price goes too high. If you think about it for just a little bit, this is evidence that a few people are not going to gobble up all the gas before the majority of the population gets to it. Each individual car in line will be tempted to buy as much gas as possible, but the price will prevent them from doing so. Overall, each car will spend less moeny, which will help ensure that the gas gets passed around more evenly.
These sky high prices may prevent a lot of people from being able to get to work and back, or in some cases, to evacuate. There is no shortage. And one day of shutting down refineries is not going to cripple the gas supply. There needs to be a few less panic buttons everytime a storm hits, or a storm may hit, or someone in the middle east has a hang nail and says ouch.