Suddenly, the Disappearing Glut

Gasoline prices are starting to rise as the oil market tightens

Just when Americans were getting used to cheaper gasoline at the pump, prices have suddenly started to creep up again. The reason: a developing squeeze on worldwide petroleum stockpiles and supplies. Production cuts by Saudi Arabia, the largest single oil producer in the 13-nation Organization of Petroleum Exporting Countries, have combined with a continuing rundown of excess inventories by oil companies to start wiping out the price-depressing effects of last winter's oil glut. Says Claude Messinger of Ashland Oil, who was the chairman...

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