Saudi Blames U.S. Refinery Limits Naimi said record-breaking U.S. gasoline prices were caused by a lack of domestic refining capacity. Stocks have gradually rebuilt in the last few weeks as refineries have resumed production from maintenance stoppages and even turned up output after hitting glitches. A build this week would indicate that production continues to outpace demand, despite healthy consumption, which has so far not been affected by a sluggish U.S. economy or soaring pump prices. It pumped up estimates for the third quarter by the same 100,000 bpd to 8.78 million bpd. One barrel holds 42 gallons.
American motorists remain thirsty for motor fuel despite record-breaking prices.
All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All rights reserved.