[Glipseagrilia]

It seems that when there's even a hint of supply chain interruption, gas prices rise the next day. Now we've confirmed that gas reserves are at record levels and there's an over-supply of oil against weakening demand.

I suppose we'll be seeing 10% or larger drops in gas prices tomorrow morning on that news, right?

Reuters: http://www.reuters.com/article/2011/...edName=topNews

Oil prices tumbled over 4 percent on Wednesday after an unexpected rise in gasoline stocks amid slowing demand sent prices into a tailspin, triggering a five-minute halt in trade and fuelling the second big commodities sell-off in a week.

The momentum of gasoline's biggest fall in over two years washed across the oil complex and hit everything from silver to copper to the euro. Early losses stemming from weak Chinese industrial output data and gains in the dollar tied to Greek debt woes spiraled through the day, setting off sell-stops.

The abrupt tumble drove oil volatility to its highest close since mid-March as traders struggled to figure out where markets might find equilibrium after diving more than $13 a barrel from their peak just last week.

...

U.S. gasoline futures suffered the biggest daily drop since September 2008, with the June contract settling at $3.1228 a gallon, losing 25.69 cents, or 7.6 percent. It was the biggest loss in dollar terms since September 2008.

Rising fuel costs this year have fueled calls by U.S. lawmakers to cut down on speculation in oil markets.

Those calls grew louder on Wednesday, even as prices fell, with a group of 17 U.S. senators calling on regulators to immediately crack down on "rampant oil speculation" by hastening planned rules to limit concentration.

[WepKeyday]

Yeah, would be nice, eh?

Although with the threat of new taxes for Big Oil and a new calls for investigations once again, maybe they will act a little quicker.