Gas closed at yet another record high, so yes, gas prices jump. I suspect they jump before tanks get refilled, but gas stations swear up and down that busy gas stations get refilled more than once a day, and they only change the price when they get refueled--and they base their price off what that cost.
I read an article on MSN the other day that said that this run-up on oil, metals, food and other commodities is not based on any real shortage. That all of those things had either had only minor setbacks in terms of production--nothing as great as the price increase would warrant, though--and that most had even increased production at a fairly even rate with increased demand. Believe it or not, that included oil. The financial writer said what we were getting now was basically a panic. We have plenty of rice and gas isn't harder to come by than it was before, but people are so worried that we'll run out of them both that people are starting to hoard and they're speculating in the markets that this stuff will be worth more because it will become scarce (no proof of that, though).
He likened it to the panic on gas in the 1970's that sent prices through the roof and caused long lines at gas stations and some places implemented rationing. Yes, there was SOME gas shortage because of the political climate at the time, but it wasn't so short that the economy should have done what it did; prices should not have been so high and hoarding and rationing neither one were necessary. But people panicked and it became a vicious circle until people regained confidence that they weren't about to lose their cars due to a lack of gas.
It seems to me like we're repeating the 70's; besides the panic on oil, we are increasingly looking at the return of stagflation as well.
