Gasoline stocks in the U.S. are in uncharted territory, at all time highs for this point in the year. Simultaneously, the rig count has climbed off its all-time lows of 404 rigs in operation to 462. There are really three possibilities, either 1) gasoline is in a glut and prices will fall, 2) drillers are over enthusiastic about crude price stabilization and will end up shutting down rigs, again, or 3) in the face of low oil prices, U.S. producers have become efficient enough to displace higher cost production elsewhere.
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