• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 21 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 1 day Forecasts for Natural Gas
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Permian Oil Output Close To Pre-Pandemic Level

Permian Oil Output Close To Pre-Pandemic Level

Crude oil production in the…

UK Suspends Competition Law To Tackle Fuel Panic Buying

The UK government has temporarily suspended the Competition Act of 1998 to allow oil companies to help each other stock up on gasoline and diesel amid panic buying that started last week that has left 90% of fuel pumps dry in some of Britain's largest cities.

The panic buying began last week when the news emerged that BP was going to close several gas stations. The reason for the closure had nothing to do with the availability of fuels. Instead, it was caused by a shortage of tanker truck drivers. Nevertheless, the shortage sparked immediate panic among Britons, who formed huge lines to stock up on whatever was available. Ironically, the long lines at gas stations prompted warnings of a fuel shortage because as panic buyers drained stations, there were not enough tanker truck drivers to refill them.

In this context, the suspension of the competition law will, according to British media, allow oil companies to share information and strategize about delivering fuels to those parts of the country that are most in need of them.

"We have long-standing contingency plans in place to work with industry so that fuel supplies can be maintained and deliveries can still be made in the event of a serious disruption," said business secretary Kwasi Kwarteng, as quoted by the Press and Journal.

"While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains," he also said, as quoted by the BBC. "This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised."

Sky News, meanwhile, cited the chairman of the Petrol Retailers Association, who said things were going to get worse before they got better. Describing the current situation as "catastrophic," Brian Madderson said, "There's enough fuel at the refineries and terminals to supply the normal demand. What we have at the moment is abnormal demand where everyone is rushing to fill up their vehicles."

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News