From the Urban Legends Reference Pages: http://www.snopes.com/politics/business/nogas.asp
First of all, everyone's "not purchasing a drop of gasoline for one day" will not cause oil companies to "choke on their stockpiles." Oil companies run their inventories on a weekly basis, and since the "gas out" scheme doesn't call on people to buy less gasoline but simply to shift their date of purchase by one day, oil company stockpiles won't be affected at all.
Next, merely shifting the day of purchase will not "hit the entire industry with a net loss of over $4.6 billion." Consumers won't be buying any less gasoline under this "gas out" proposal; they'll simply be purchasing gas a day earlier or a day later than they usually would. The very same amount of gasoline will be sold either way, so the oil companies aren't going to lose any money at all.
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