Some places it is panic. Here in Austin I think it is more of a "get before it goes up higher" mode. I don't get the sense here that most folks in this area think we are on the verge of running out. They just don't want to pay higher prices. Whereas in other places they might really be running out.
The media isn't helping... they need to tell people not to panick and stop topping off. Sheez this will be a huge problem in a couple of days doing this...shades of the Carter years. *sigh*