Huge gas lines have been reported in China this week, and Hong Kong residents are joining the logjams by rushing across the border to fill their tanks, as the threat looms of price increases or shortages from the Iran war.
The gas-hungry drivers were not overreacting based on mere rumors, as the Chinese government officially announced major price increases for fuel would take effect on Tuesday. Beijing sets floors and ceilings for gas prices, and on Tuesday it raised the ceiling for retail gasoline prices by a little over $100 per metric ton, the highest increase in four years.
Hong Kong residents pointed out that buying gas on the island…
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