There is no short term supply pressure in the market.

We've climbed very quickly and strongly so prices are ready for a correction. The fundamentals haven't really changed. The crude market in the Atlantic basin is well supplied.

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.