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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: BDR who wrote (38144)	1/19/2001 12:16:36 AM
From: BDR	Read Replies (2) \| Respond to of 54805

OT- California blackouts. My last post on this, I promise Confirmation that blackouts are affecting energy production/distribution. biz.yahoo.com Thursday January 18, 9:32 pm Eastern Time Calif. Gasoline Shortages Possible By MICHAEL LIEDTKE AP Business Writer SAN FRANCISCO (AP) -- The power crisis temporarily shut down California's main gasoline artery for more than 10 hours for the third consecutive day, raising the threat of widespread fuel shortages. Kinder Morgan Energy, one of many businesses agreeing to go without power in exchange for lower rates, couldn't pipe gasoline from major California refineries to terminals around the state for 12 hours on Thursday. The California pipeline, which distributes up to 900,000 barrels of gasoline during a normal day, didn't operate for 18 hours Wednesday and 10 hours Tuesday, said Kinder Morgan spokesman Larry Pierce. The pipeline has been shut down several other times in the last few months, but usually for no more than a few hours at a time. Pacific Gas and Electric Co. sought a waiver Thursday allowing Houston-based Kinder Morgan out of its service-interruption contract, but PG&E spokesman Ron Low said the state Public Utilities Commission denied the request. The volatile situation soon could lead to long gas lines and higher prices at the pump, warned Bill Greehey, CEO of Valero Energy, which operates a 125,000-barrel-per-day Benicia refinery that produces about 10 percent of the state's gasoline supply. ``California is getting to the point where they are going to have a crisis that is a helluva lot bigger than the one it already has on its hands,'' Greehey warned.