Sec. Wright on the G7 Oil Release: This Lowers Diesel Prices, Not Just in the U.S., But in Europe and Around the World

RUSH EXCERPT:
WRIGHT: "It’s a big deal. It’s a big deal Europe has very large diesel stores They don’t refine enough diesel to supply their own economy so naturally they store a lot of diesel They’re very keen to see American diesel continue to flow to Europe They’ve got a lot of diesel in stores Why not release some of that? This is what you store diesel for When all the Russian exports of diesel are shut down when the Chinese have said we’re not going to deliver any more diesel and you still have a reduction of diesel flows coming out of the Gulf but we’re restoring those but that takes time This is just common sense This lowers diesel prices not just in the United States but it lowers them in Europe and around the world But it will drive diesel prices down as those releases come It’ll drive diesel down through the winter in the United States and around the world And by then, we’ll be in another place We’ll have more refining capacity online I suspect we’ll continue to see diesel decline as we go into next spring as well"