Refineries have turned down oil from the Federal reserve and got supplies from elsewhere. So who is pushing the oil price upwards, is it Asia or speculators. Certainly something strange going on which has been exposed by the Katrina storm. Market manipulation seems a likely reason and it will have to come undone quickly or the politicians are going to look sillier than they are. Refinery capacity shortage is well known with imports of gasoline hitting highs for the holiday season, but with that coming to an end, refineries closed, where is the oil going. Speculation puts oil into tankers but eventually they have to offload it somewhere.
