Mike Rothman
Mike Rothman
asked behalf city comply law procedure provide state suit
We've asked the city to comply with the state law and provide MRI with this 180-day procedure and because they have not, we have filed this suit on behalf of MRI.
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There have been concerns about refinery activity because of tropical depression No. 8 in the Gulf of Mexico and Hurricane Georges in the Atlantic, which could reach the Gulf.
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Forty-seven percent of the refinery activity in the U.S. is in the Gulf. That was bolstering the price of unleaded gasoline and home-heating oil, and pulling up crude prices with it.
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The issue of the right price is still unresolved. What's the right price? They are not really sure yet. The fundamentals in the market are being obscured by fear.
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Inventory levels were used much more than expected. Those were much larger stock draws than we had anticipated.
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The market is focusing on the word 'cut' but OPEC is absolutely right to be worried about the second quarter.