December 18, 2006
China Petrochemical Corp., Asia’s biggest oil refiner, halted fuel exports to ensure domestic supply as high crude costs and retail price caps cause private refiners to cut back on production. (Source: Bloomberg Report)
Interesting events taking place very rapidly. China is shutting down oil exports due to their own concerns over the war in Libya and future gasoline shortages. This should be a sign of what is to soon come to the oil and gasoline markets. Get ready for sky high gas prices this year. Buyer beware.