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How much more refined product you need?
Today's news. "Motor gasoline supplies climbed 800,000 barrels to 211.9 million barrels last week, EIA said." and ... "total petroleum stocks up 15 million barrels in the last three weeks and gasoline stocks well above normal".
Yet crude over $123 and natural gas at $11.32. Doesn't matter how many refineries you have if crude is at $123 gas has to be priced for profit. So why is oil so much per barrel right now?
I'd suspect a good deal of speculation on top of some long-term supply and demand concerns and political issues.
Speculation: Lots of hot money, hedge funds, commodity and energy bulls, Goldman Sachs report (and many others)
Political issues: Middle East, Nigeria, the backlash against ethanol.
Supply and Demand: Matthew Simmons hypothesis, peak oil, Russia possibly hitting peak oil, news out of Indonesia today of production declines, the world using more and more energy.
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