Benoît Morenne

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60 appearances 1 recordings 1 series first heard Oct 2022 last heard Oct 2022

Benoît Morenne’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Gas Prices Are Climbing Again After Months of Declines · 7 Oct 2022 podcast

We have seen slightly more demand.

It's inching back up, not to the levels that we saw a year ago, but it's certainly adding to the strain on already tight supplies of gasoline.

Thank you for having me.

Well, you've got a couple of factors here, one of them being the maintenance and outages at various oil plants from Ohio to Washington and California.

Those are the fuel making plants that churn out the gasoline and the diesel that go into the tanks of American consumers.

Those plants, some of them have seen planned maintenance, which is common for this time of the year because you have to prepare for winter blend gasoline.

And so you've seen those, which takes some capacity off the market.

And then you have seen as well incidents like fires or electric malfunctions at some of those refineries, which means that they're

producing less.

So drivers reacted to high fuel prices starting in June.

And during the summer season, you usually see drivers take to the road to go on summer trips.

We didn't see that that much this summer.

That being said, we have seen slightly more demand.

It's inching back up, not to the levels that we saw a year ago, but it's certainly adding to the strain on already tight supplies of gasoline.

So in fact, in the US, drivers consumed 8.77 million barrels of oil a day last week, which is about 2% more than the previous week.

And the reason we have tight supplies of gasoline is because we've seen less capacity coming online as far as refineries, or more precisely, capacity coming off after the pandemic.

So we've lost roughly 1 million barrels per day after the pandemic in the US and 3 million globally.

So that's that much gasoline that is not being made.

So based on the conversations I've had with analysts about that, it doesn't seem likely that you'll see prices go all the way back up to $5 a gallon, as they did in June.

And that's in part because demand typically shrinks during the winter season seasonally.

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