We're in the middle of a second straight day of heavy losses for oil and wholesale gasoline prices, brought to you by reality. The DOE report issued yesterday underlined how bad things really look for refiners and producers of oil.
Message Posted: Nov 10, 2009 5:30:44 PM
Demand has not risen out of the ordinary, supplies remain high of nearly every oil product, and spare capacity is abundant in nearly every area of the country. Areas that were hard hit the last few weeks by rising gas prices (such as California) now are seeing some of the deepest drops in wholesale prices as the supply outlook improves. Wholesale gasoline prices in California have dropped nearly 75-cents from their peak just days ago. Prices there will give back the most in the coming days as retailers ...
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