In the short term, the main market problem at the refining level is the shortage of product, not inputs. It's mostly a problem of product (gasoline), not crude oil.

If it's not rhetoric it's an effort to recapture the share of the oil cut that they gave away to deep conversion refiners,

The market is awakening to the scope of the risks.

It's late in the game. The only policy changes that would have an immediate effect would be demand restraints, such as increases in gasoline taxes, alternate driving days or enforcement of speed limits.

There's a combination of strong economic statistics, an increase in geopolitical concerns regarding a variety of oil-producing countries and bad refining news, and the market has been very spooked, ... It's a long laundry list of problems.

There's a combination of strong economic statistics, an increase in geopolitical concerns regarding a variety of oil-producing countries, and bad refining news, and the market has been very spooked, ... It's a long laundry list of problems.