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Ed Wallace Says There's No Gas Shortage

Saturday, April 5, 2008
From BusinessWeek.com:

"Gasoline reserves on hand are at the highest levels since the early 1990s, which is remarkable considering the nation's refineries have been cutting back on the production of gasoline because their margins have declined. In fact, average gasoline reserves on hand have risen since this past October, while oil reserves in this country have gone up virtually every week this year--and only fog in the Houston Ship Channel that kept oil tankers from unloading their crude one week kept it from being every week."

"Here's the scorecard, in case you missed it. There's no shortage of gasoline or oil in the U.S. today, and we have near-record reserves on hand. Meanwhile the Congressional mandate for ethanol has jacked up the price of chicken feed for Pilgrim's Pride, which is the U.S.'s largest processor of chickens and turkeys--by $1.3 billion. And that's for just one company processing chicken. This is what passes for acceptable to our Energy Secretary?"

Still, even if there is no gas shortage, let's get off of it before there is one.

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