We've got team coverage of the panic at the pumps, the rising prices and why we're told you don't need to worry.

"People were fighting to get gas because everyone's afraid it'll go to $5.00. It's like the gas companies know they can cause panic and everybody's panicking."

You've seen the long lines, backing up traffic -- maybe you sat in one. Everyone is filling up amid concerns of a gas shortage. The chaos started Friday morning after news broke of high gas prices and gas shortages in North and South Carolina.

The word "ration" was just mentioned and drivers started lining up. It didn't take long for that panic to reach here. All day, we've taken calls about rumors of rationing or a shortage. And you've seen it -- those prices did shoot up within hours. We begin where gas is most expensive -- the Big Horn Market in Campbell County at the corner of Waterlick and Leesville where gas is $4.99 a gallon.  They ran out about 5:30pm.

It's what many people have feared, but it hasn't stopped long lines of people filling up. We were there for a few hours and the pumps were going non-stop. It was the same story just up the road where gas is also selling for $4.99.

Despite the fact that gas stations like Sheetz were selling it for $1.50 less a gallon at 3.49, lines have been forming all day at the station with people fearing sky-rocketing prices.

Camisha Charlton, Madison Heights - "I heard that prices were going up yesterday so I wanted to get some gas as soon as possible."

Ralph Aurthor, Lynchburg - "I think I’m going to have to get another job, work two jobs, I don't know. It's getting outrageous."

Tammy Epperson, Nathalie - "I just got off work and after this I probably won't be working because I can't afford to drive up here."

A clerk we talked to said the owner told him to raise prices because of media reports that it would be $4.99 a gallon everywhere by Friday night. We are not reporting that.

An economist at Lynchburg College (web) told me all this hysteria increases demand and will drive up prices even further.

Drivers who spent time in lines Friday say the news spread fast.  We even heard about one local company who let their employees fill up in shifts. People we spoke with said, they weren't taking any chances.

Sandy Brewer, Gas Buyer - "I was in Lynchburg, and it went up 30 cents from 12:30 until, what about 3:00 and I didn't know why and my friend called me and said if you're going somewhere, you better stop and get some gas."

Leonard Brown, Gas Buyer - "I knew nothing about this 30 minutes ago but since then I’ve heard nothing but gas prices and I guess some stations are already over $4:00 a gallon and heading towards $5.00 so, I guess it's reality, unfortunately."

It's those fears that have left some gas stations empty. The Sheetz in Danville ran out of unleaded just before 5:00pm. Premium sold out a little while after that.

It's the same story at the Sheetz on Lakeside Drive in Lynchburg. They ran out about 6:00pm. Cars lined up down the road, so Sheetz blocked off the entrance. Sheetz says the pipeline that supplies much of the gas used in Virginia, is shut down in preparation for Ike's landfall.

They say the best case scenario is the pipeline will re-open on Monday.  But depending on storm damage, there's no way to be certain. Sheetz says there are reserves in the Northeast that can be trucked down here if its stations need more gas.  But there's no telling how long those will last.

Monica Jones, Sheetz Inc. "We really encourage people to be responsible with driving and making trips as efficient as possible. And we're doing to do our best to get supply down to you guys as soon as we can."

We do want to reiterate -- this shortage is only temporary. Stations are planning to get more supplies early next week, so this situation will likely last only a few days.

We talked with the Governor's office Friday afternoon, and we're told this panic is not statewide. It's only happening in our region. The press office says they realize Hurricane Ike is affecting supplies, and they've requested a waiver from the EPA to stop using the summer blend and move to a regular blend which is cheaper.

The governor is also taking actions to allow truckers to move fuel more easily to areas where there are shortages, like bypassing weigh stations. But his office adds that they believe there's plenty of fuel to meet everyone's needs

Virginia's anti-gouging laws are still in place since the Governor declared a state of emergency for Tropical Storm Hanna. If a station charges an "unconscionable" price, compared to the price within ten days before the state of emergency, they can be fined. To try to define unconscionable -- during Katrina, one retailer had more than doubled its prices.

Here's the number to call if you suspect price-gouging. 1-800-552-9963. It's usually weekdays but they are staffing it Saturday from 8:00am to 5:00pm. Or click here to go online to print a form.