TALES OF ASTOUNDING GREED AND STUPIDITY!!!!

(Posted for Gregg)

Gas shortages hit the East Coast

Some distribution terminals see shortages while industry phases out additive.

April 20, 2006: 4:51 PM EDT

WASHINGTON (Reuters) - Some gasoline distribution terminals from Virginia to Massachusetts are seeing shortages as the industry phases out a water-polluting additive, the U.S. Energy Department said on Thursday.

The shortages are not because refiners are not making enough gasoline, or because of a recent rupture on the key Plantation Pipeline that carries supplies from the Gulf Coast to the East Coast, industry officials said.

Rather, the oil industry is rapidly eliminating a gasoline additive called MTBE, banned in several states for polluting ground water, and replacing it with ethanol, a renewable fuel that can't be shipped by pipeline because it absorbs water.

"There's not a shortage of supply," said John Eichberger, a spokesman for the group. "It's a transitional issue."

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Oil hits new trading record near $73 -- Click here.

UPDATE: $75 a barrel:

ABC News

Reuters

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Senators to Big Oil: Where's the money?

Considering a bill to block industry mergers, lawmakers call on executives to explain record profits, and offer ways to rein in prices. Click here.

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Uncle Sam's hand in high gas prices?

Critics say ill-timed legislation is partly responsible for prices at the pump, but others say the industry should have seen what was coming. Click here

So in addition to ripping us off at the gas pump these $#&% heads can’t use their obscene profits to hire managers, consultants, scientists, whatever, who can figure out how to make their product without polluting our water in a way that doesn’t cause shortages! Way past time to nationalize this industry and start spreading those profits among our schools, our soldiers, our elderly and so on….perhaps we need to hire some advisors from Latin America?

Thank you, {{Gregg}}