Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Fairly recent.  WTI has faded slowly since the 70's while consumption has gone up up and away.  

Lt. Sweet supplies are indeed a problem.  But i think the current high prices are due to tight gasoline supplies and minimal reduction of demand.  We've had a big shutdown season + a couple of major falldowns.  That has gasoline on fire and therefore has gasoline crudes on fire (pricewise).  Couple that with Nigeria in a real mess and up up and away.

US refiners have been investing heavily in desulph capacity to make ULS Diesel, low S gasoline and to deal with heavier crudes.  But they didn't choose to keep the refining industry capacity in glut like it was from 1983-->2000 ish.

by HiD on Tue May 29th, 2007 at 06:41:24 AM EST
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