Despite High Inventories Gasoline Demand is Driving Prices Higher

This past week saw a surge in petroleum products as OPEC announced that it would cut production by 1.2 million barrels a day for the first time in 8-years.  Low prices have weighed on the Saudi’s, who are the largest global producer, who rely on oil revenues for nearly their entire government budget.  Prices soared nearly 15% in the latter part of the week, just as gasoline inventories surged…