At these mogas cracks ($1.87=$78.5-$62 =$16.5!!!) any refiner will keep runs at max till doomsday.  Winter cracks used to be about $3 with heat about $4....

How much mogas is really coming out of tank from the stragetic reserves?  Much of the planned releases from the SPR never happened as no one wanted/needed it.

The turbine based stations cannot switch to fuel oil, but they can burn diesel/jet if they have tankage and liquid fuel injection facilities.  (I don't know much about US power stations so no idea if the turbine stations have liquids facilities.  I handled the Euro side of our biz.)  With gas at $84/bbl and diesel at $2/g=$84 that won't happen on economics, but if there is no gas for the power stations vs mom's furnace getting first call, you'll see liquid fuels burned.

Europeans had quite a few stations that burned HS and 1%,  Italy (ENEL) was a huge fuel oil buyer due to fierce resistance to nukes.  But the Irish, English, Danes, Belgium, France???(trying to remember who else I sold to) could and did burn HS when the economics suited.  There was an entire forward physical market based on 20KT parcels delivered Northern Europe basis a station in the Thames called Littlebrook (LittleBrook Lotto -- it died due to lack of interest about 1994).

There may be new pollution laws limiting burning HS on both sides of the Atlantic, but as we've seen, when people get cold those go out the window.

Swapping out burners is not a huge job.  What is more likely is that industrial natgas users just lay people off and shut down, leaving the gas for home heat.  At these prices, if you have a purchase contract for gas at $6/MMSCF and can sell it back at $14, you probably make more money just selling the gas back.

I lived through the 78-83 price spike as a college student struggling to cover commuting costs etc.  There is a price where people just stay home more.  

It's more pyschological than anything else for many.  When we get bored in the evening and head to town for ice cream, it costs us about 1/2 gallon of gas or $1.50 to $2 bucks. That's to go buy $8 bucks at the frozen yogurt place.  Does the last 50cts matter to us?? no, but I think about it more and often it tips the balance to staying home.  I've cut my driving back by probably 50% just by grouping errands better.  It's no real sacrifice when you are basically retired.  My wife's biz is booming so she just does what she has to and pays the piper.  Gas could go up by 5X and she'd still go.  But we'd buy a hybrid asap.

For others with moderat to low incomes and heavy commute costs, this is serious pain.  They have no choice but to trim.  Demand in the US is so stupidly high relative to everywhere else that trimming 3% is nothing though.  We could all find a way to trim 10% if we wanted to make a few minimal sacrifices.