If there is such a shortage of oil causing the price of oil to rise, why are gas stations not running out?

Question

I know in the past (80's) when this happened gas stations ran out of gas and people were lined up for miles, why is this not happening now.

Answer 1

1.  The shortages were in the 70's not the 80's.

2.  the shortages in the 70's were caused by the EXACT same policy that Obama is proposing today.  i.e. windfall profit taxes.  The oil companies did not have enough cansh to buy the high priced oil at the time.  Thus they had to restrict (because they did not have it) how much gas they sent where.

3.  No shortages right now at US gas stations because they are paying exorbitant prices to get the fuel to thier stations.  They then charge high prices to us.  When the new taxes kick in, things will get bad.  (assmuming Obama gets his wish)

Answer 2

WHAT "shortage"? Who said anything about a shortage?

There's just more demand for it and we, being by far the richest folks walking this good, green Earth, are paying what we have to pay to ensure that we have ALL WE WANT.

The shortages of the '70s and '80s were caused by the Arabs dialing back output as punishment for perceived sins we committed against them. THOSE were shortages.

Don't mind Ned Q - he's just having a bad-hair day is all! ;-)

$45 billion in one quarter, indeed! IROFLMAOfffffffffff!!!

Answer 3

their is no shortage

the high price of gas is due to Peak Oil  !!!

(speculation is a Short term problem)

Answer 4

Gas stations are not out of gas, they are not telling the real truth about raising prices this high and maybe even higher.

Answer 5

there is not a shortage, but there was a shift in the demand curve.

Answer 6

There isn't a shortage at this time. The price has gone up due to unrest in the Middle East, mostly caused by U.S. policy,and speculator's are betting that supplies may be inturrupted in the future causing a shortage.

Answer 7

in the 80's demand at the pump was underestimated.  Today supply is low at the source.

Foreign producers are not increasing supply to keep up with our demand.