Gasoline shortage

Brad Barrett discusses the topic of gasoline shortages in a couple of episodes from the ChooseFI podcast. Here are the key points he makes:

1. Cyberattack on Pipeline:

   • In May 2021, a cyberattack on a pipeline caused significant gasoline shortages on the U.S. East Coast. This incident highlighted human psychology and the reactions to scarcity, like panic buying and hoarding gasoline.
   • Brad reflects on feelings of uncertainty and the discomfort of potentially running out of gas. He mentions how it shifts people's thinking towards conserving resources and making critical decisions about daily activities 1.

2. Hoarding Gasoline:

   • Jonathan Mendosa, Brad's co-host, stresses the importance of using proper containers for storing gasoline and warns that improper storage methods, like using plastic bags, can be hazardous. Hoarding behavior stems from individual concerns during perceived shortages, leading to broader supply issues.
   • Brad talks about the conflict between individual decisions (micro-level) and larger societal impacts (macro-level). For instance, individual hoarding can create the appearance of a crisis, which exacerbates the problem, such as when 52% of gas stations in Virginia were out of gas due to panic buying 2.

Through these reflections, Brad and Jonathan illustrate how sudden gasoline shortages can lead to significant behavioral changes and highlight the delicate balance between personal actions and collective consequences.