In May, I read an article that said gas prices would reach $3/gallon in the US, partly due to increased demand as the country reopens from the COVID restrictions and partly to possible shortages. This was before the ransomware attack that shut down the Southeast’s main pipeline, an event that had my fellow Southerners filling plastic bags with gas.
It is June as I write. Gas is just under $3/gallon. I learned long ago that when an announcement is made regarding prices, don’t take it as a prediction, take it as a statement of intent. There have been no shortages as of yet, except for during the week in which the previously mentioned fuel bags were being filled.
The article mentioned the most likely cause of shortage wouldn’t be a lack of fuel, but a lack of certified truck drivers to deliver the fuel. While a commercial truck driver can drive most any truck, he or she must be certified to haul hazardous chemicals such as gasoline. When COVID shutdown much of the economy in 2020, many drivers allowed their certification to lapse, resulting in a shortage of drivers, leading to a possible shortage of fuel at the pump.
This further adds to my belief that the most important part of the economic machine is the people involved in making it run. Theories are great, policy is important, but if there are no customers or products, the whole system grinds to a halt.
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