“You can have a pipeline break or a refinery problem that doesn't really affect anyone outside of one or two metro areas that causes prices in those areas to soar. It's a cinch that someone will see $3 gasoline.”
“Although crude oil inventories remain high relative to recent history, fears of future disruptions are encouraging further inventory increases, which tend to support prices [and] create a positive feedback loop.”
“Gasoline consumption fell. That suggests one of two things. First is the economy in worse shape than we thought or the high oil prices are starting to be affected by demand destruction.”
