ANOTHER "ISSUE" THE DOOM ZOMBIES SPREAD AROUND AS FAST AS THEY COULD WAS DE-BUNKED TODAY.

http://biz.yahoo.com/prnews/010913/hsth016_1.html Thursday September 13, 7:13 pm Eastern Time

Press Release

SOURCE: GasPriceWatch, Inc.

GasPriceWatch.com Helps to Deflate the $6 Per Gallon Rumor

DAYTON, Ohio, Sept. 13 /PRNewswire/ -- In the wake of the terrorist attack against the United States, gas prices were the last thought in the minds of the staff of GasPriceWatch.com. Like the rest of the world, we were in shock as the events of the day unfolded.

As evening approached, rumors began to spread across the country about fuel shortages and price hikes. Reports of prices exceeding $4, $5 and even $6 per gallon caused a frenzied rush on the gas stations. In every major city, gas stations could be found with 30 or more cars lined up into the streets to fill their tanks. These images only reinforced the need for a place to find a real picture of pricing.

The staff of GasPriceWatch, Inc. (www.gaspricewatch.com), a consumer advocacy web site that helps consumers find the lowest price gas stations in their area, began to monitor the prices of the stations as they came into the website in real-time Tuesday. They hit the peak near 10 p.m. as prices flooded in from 43,000+ volunteer price spotters across the nation. GasPriceWatch immediately sent emails to spotters who reported prices of $1 over the norm for their region, asking them to confirm first-hand knowledge of the prices. The majority of the spotters responded to the requests, and almost all of the prices reported over $3 had indeed not been visually verified by the spotter, but heard from a friend, relative or media outlet. For those spotters who did not respond, GasPriceWatch contacted the stations directly. Most stations provided their current price, some of which were much lower than reported.

``It was our civic duty to attempt separate rumor from fact,'' said Brad Proctor, President and CEO of GasPriceWatch, Inc. ``Once rumors start and panic ensues, the problem snowballs until forecast and predictions begin to be reported as the truth.''

GasAmerica, an independent gas marketer with stations in Ohio and Indiana, is one of the many companies working with the GasPriceWatch Certified Locations program. GasAmerica stated that they will ``continue to do everything in our power to keep gasoline available at competitive prices.'' GasPriceWatch is currently working directly with the fuel companies to begin receiving prices directly from the stations, minimizing the potential for a repeat of this week's events.

• CONTACT:
• Danielle Vas
• 937.885.1080
• danielle@gaspricewatch.com

This release was issued through DigitalWork -- The Leader in Enabling eServices.

For more information visit: http://www.digitalwork.com .

-- Anonymous, September 13, 2001

Answers

http://www.dallasnews.com/business/stories/470683_gasprices_14bu.html Calm prevails as consumers fill tanks

No need for long lines because gas supplies adequate, experts say

09/14/2001

By Dianne Solís / The Dallas Morning News

Lynton Allred remembers all too well the gasoline lines of 1973 triggered by the Arab oil embargo. That was when he was a fuel supplier for 125 gas stations across Texas.

"I had people looking at me like they were going to kill me," said Mr. Allred, recalling the tight supplies.

Today, it's just the opposite, said the executive vice president of the Texas Petroleum Marketers and Convenience Store Association.

"We have product here. We have product in Europe. We have product everywhere. There is no shortage of it."

And yet consumers are still lining up to fill their tanks, albeit calmly.

Logic vs. emotion.

Which one will win out in the case of a military attack near the Middle East remains to be seen. President Bush has called the destruction of the World Trade Center and the attack on the Pentagon an "act of war."

Psychologists and consumer behavior specialists say that what seems like panic buying by some is a way for consumers to bring control to the most abnormal of situations – unfathomable terrorism that may reign as the most destabilizing event of their lives.

"When we are in situations of high stress, we try to control what we can, even if it is an illusion of control," said Dr. Samuel Sears, a psychologist at the University of Florida. "It makes people feel like they are doing something to reduce stress or future distress, so many people engage in it."

Even when there are no apparent shortages, panic buying can set in, the experts said. In the case of gasoline, the American Petroleum Institute reported this week that inventories actually increased somewhat.

A trigger point for consumers will clearly be the potential military reaction against the Islamic militant Osama bin Laden and the Taliban-ruled Afghanistan, which has harbored him.

Secretary of State Colin Powell confirmed Thursday that Mr. bin Laden is the chief suspect in the attacks.

"It doesn't matter if there is enough to go around, as long as there is the perception of shortages," said Daniel Howard, a marketing professor at the Cox School of Business at Southern Methodist University.

"Panic buying can be caused by seeing others doing panic buying," Dr. Howard said.

Among average consumers, there were few signs of panic buying of gasoline or food on Thursday – a different scene from Tuesday night when long lines could be seen across Dallas-Fort Worth.

Pat Cullivan also recalled the long lines and gasoline shortages of the 1970s as he purchased regular gas for $1.28 at Sam's Club in northwest Dallas.

"You could only get gas on either odd or even days, depending on your license plate," said the 50-year-old as he sped through the pumping process. "It was a chore to buy gas, something you had to plan ahead for. I hope we don't go back to that."

Ritchie McManaway was born a few years after the Arab oil embargo. He calmly poured regular gas at $1.46 a gallon into his tank in Irving.

"I don't see any need to panic," said the 26-year-old Arlington man. "There were some people panicking on Tuesday because of their fear of higher prices and a shortage. But I haven't seen that since then. If we bomb someone, there might be more reason to worry."

Cindy Cross filled her tank normally on Thursday, too, with few worries about stocking up on gas or groceries. That could change, the Carrollton woman said, referring to reports in recent days about how consumer behavior altered after World War II.

"If we go to war, everybody's got to buckle down," she said.

Nevertheless, rumors were flying about higher gasoline prices among truckers – a consumer group with unusually well-honed radar for price gyrations. Their tanks take 10 times the gasoline load of the average sedan.

Bill Webb, president of the Texas Motor Transportation Association, said the average diesel prices for truckers have gone up about 10 cents a gallon from $1.50.

"We've been getting calls from truckers hearing wild and unsubstantiated rumors about diesel gas prices going to $10 a gallon, " Mr. Webb said.

Thursday, the New York Mercantile Exchange, the world's largest trading post for oil futures, did notopen.

Limited trading on a new Internet site will be attempted Friday, a Nymex spokesman said.

Nevertheless, on the spot market at Cushing, Okla., the U.S. benchmark crude West Texas Intermediate for October delivery rose to $28.65. That compares with $28.24 the previous day.

Oil prices remain a wild card in predicting consumer reaction and the stability of the economy, said Shannon Burchett, CEO at the Dallas- based risk management firm Risk Limited Corp.

"Under any scenario, [the attack] increases the uncertainty in the market on energy," she said. "It hasn't moved crude oil to $60 or something like that. That's sort of the doomsday scenario. ... I think it's all a wild card at this point."

For now, Dallas energy trader Peyton Feltus is in a wait-and-see mode.

"The stocks are more than adequate, especially since we've had the entire U.S. airline fleet grounded for several days," said the former OPEC consultant. "But everybody in the world is on the edge of their seats, certainly for those who live in and around the Middle East.

"I don't think the public will head back to the gas lines, especially if it is Afghanistan. Afghanistan as a world power is not even on the charts."

Others weren't so sure. In Dallas, SWS Securities was predicting instability in an investors missive.

"We suspect investors will flee to oil when markets reopen until such time as the market realizes stability, either perceived or real," wrote analysts M. Bradley Davis and Jason B. Leach.

In Midland, in the heart of the Permian Basin, where West Texas Intermediate takes its name, oilman Ray Sharp expects higher oil and gasoline prices when trading resumes. But he found no reason for cheer.

Thursday, he began flying the Stars and Stripes upside down.

"In flag etiquette, it's the sign of distress," he said.

Staff writers Kevin Shay, Steve Quinn, Sudeep Reddy and Victor Godinez contributed to this report.

-- Anonymous, September 14, 2001

Photographic evidence here today only http://www.kcstar.com/biz/biz.htm. Actually, the high prices were isolated and I didn't personally see any such cases. I did see long lines on Tues evening at the gas pumps (no changes in the price from what it was in the morning). I just drove around the lines and filled up the next day without any wait at all.

-- Anonymous, September 15, 2001