Today's drop could have a lot to do with the 4x number than analyst predicted barrels of finished gasoline that would be reported. Supply is way ahead of demand and crude is down 3% today. How can they be that far off is the question? We are headed into the lowest use months of the year. We keep bringing in too much foreign oil.
If we converted more refineries to light sweet instead of heavy sour we could use more of our own shale sourced crude...
One idea would be for Trump to push incentives for refining upgrades in that way. We would need far less from the OPEC countries and create jobs here. Many have spent the money on their own like this refinery, which is right in the heart of the largest shale region, Permian basin. NTI which is now owned by ANDV is another flexible and largely shale capable refinery. They have the geographic advantage of the Bakken, and share ownership of the pipeline from it.
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