TTE - As gasoline prices hit record highs Saudi blames refiners

Consumers watched as prices at the pump hit all-time highs nationwide this month. As prices rose (USO), the House summoned oil executives to Washington, citing market manipulation and price gouging. The Senate moved on legislation to sue OPEC over anti-trust violations. However, in an interview Friday, Saudi Arabia's energy minister said, "the bottleneck is now to do with refining." Adding, "I did warn this was coming back in October. Many refineries in the world, especially in Europe and the US, have closed over the last few years." Before digging into the history of supply closures, a quick look at market prices would indicate the Minister's comment holds merit. The Gulf Coast is one of the world's largest oil refining and trading hubs. Millions of barrels of oil products are refined, imported, exported, stored and traded daily. Despite the fragmented and competitive market, the difference between the price of oil and

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As gasoline prices hit record highs, Saudi blames refiners