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Among other things, the gasoline prices of course have had an effect on the numbers. A question was asked earlier about refineries.

Here is a little on that subject.

I have run across many articles over the years about the “concept” of peak oil and the question of refinery capacity. Here is just part of one of those articles. I do not know what is the whole and true story, we all know that that whacko-enviros have been a huge hindrance to drilling and investment, but ALSO it makes sense that for oil companies, it has been easier for them to gain higher margins/profits if they close refineries. Hold the flames. ;-)

http://www.huffingtonpost.com/jamie-court/memos-show-oil-companies-_b_6980.html

The oil industry's own internal memos show the intentional shrinking of American refinery capacity in the 1990s was the oil companies' own idea to pump up profits.

Take this internal Texaco strategy memo: "The most critical factor facing the refining industry on the West Coast is the surplus of refining capacity, and the surplus gasoline production capacity. (The same situation exists for the entire U.S. refining industry.) Supply significantly exceeds demand year-round. This results in very poor refinery margins and very poor refinery financial results. Significant events need to occur to assist in reducing supplies and/or increasing the demand for gasoline." The memo went on to discuss a successful campaign in Washington State to shrink refined supply by removing other additives in the gasoline that filled gas volume.

Another Mobil memo shows the company promoted tough regulations in California to shut down an independent refiner. A Chevron memo acknowledged the industry wide need to shutter refineries and discussed how refiners were responding in kind.

Large oil companies have for a decade artificially shorted the gasoline market to drive up prices. Oil companies know they can make more money by making less gasoline. Katrina should be a wakeup call to America that the refiners profit widely when they keep the system running on empty.

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I omitted a few sentences of this article that may have shown a political leaning of the writer. Here is hoping these above paragraphs alone could be examined for their veracity.

Katrina should be a wakeup call to America that the refiners profit widely when they keep the system running on empty

Perceived fuel scarcity probably causes the biggest increase in fuel prices.

Spread the word that fuel supplies will be limited and, voila, the the prices shoot up. Doesn't matter whether the stories are true. I'm sure that the libs are happy to pass along any scare stories that they think they can get away with.

Everyone wants a full tank of gas in their car if they are afraid they won't be able to get gas or if they are afraid the price will go up.

When everyone insists on a full tank, a "shortage" is created. I saw what panic did 2-3 decades ago.

As an illustration for my post right above -- Panic about fuel supplies is the real enemy, (and the Libs know that).

Tuesday, 19 September, 2000, 17:05 GMT 18:05 UK Ration warning over fuel panic

Petrol may have to be rationed if motorists continue to panic buy, oil companies have warned.
Unfounded rumours that blockades were about to be reintroduced caused huge queues at garages around the UK. The police, the government and oil firms appealed for calm.
The rumours, which started in South Wales, have spread rapidly to other parts of the country, leading to a warning from the Petrol Retailers Association that the situation could become "extremely serious". [snip]
The panic buying began when an inaccurate report on a local radio station in South Wales, Red Dragon FM, on Monday, said fuel protesters were about to restart their action.
BP warned that if the panic buying continued, the 46 sites previously designated for emergency only might once again have to be closed to the public.