| The oil price war has reached the gates -- specifically, the refinery gates. Expect casualties. Wednesday’s release of U.S. oil inventory and demand numbers was noted chiefly for the jump of eight million barrels in crude stocks last week, more than double the Bloomberg analyst consensus forecast. The more insidious threat, though, was in the demand data.
Gasoline makes up about half of U.S. oil consumption. Luckily for an otherwise suffering industry, it tends to respond well to low prices. This summer, gasoline consumption hit its highest level since those far-off, pre-crisis days of 2007, based on the four-week moving average...............................................Full Article: Source
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