[Mike Darancette]

Fill 'er up, before it's gone;

This is just the attitude that would cause shortages (driving fuel prices ever higher). What is happening is that people are filling up more often (thus carrying more fuel in their tanks) because they are trying to beat the next price increase.

It only stands to reason that millions of cars each having tanks on average 3/4 full instead of 1/4 to 1/2 full removes a lot of fuel from the market. This artificial increase in demand is what is driving prices higher over and above what would be expected from the increase in crude oil prices.

[Sloth]

It only stands to reason that millions of cars each having tanks on average 3/4 full instead of 1/4 to 1/2 full removes a lot of fuel from the market.

And also lowers gas mileage, driving up demand, ironically.

[Cobra64]

Yup. Just as in 1974. Also, people get REALLY upset when it costs them 50 cents more a tank of gas, but don't seem to shive a git when their income taxes go up $5,000! John Q Public has priorities upside down.

[dalereed]

"This artificial increase in demand is what is driving prices higher over and above what would be expected from the increase in crude oil prices."

Prices are the least of the worry, all wholesale buyers are under federal monthly allotment and if everyone rushes down and fills up there won't be any gas for anyone until next month when it will again be legal to deliver to the stations.

That is exactly what caused the "shortage" in 74. There was no shortage of crude or refined product at any time. One article in the L.A. Times caused the entire shortage in 74.