Gasoline Becomes Oil Refineries' Big Headache as Price Plunges
- Market norms upended as gasoline turns cheaper than crude
- Refiners could consider scaling back gasoline production
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Once the oil industry’s star product, gasoline is now losing oil refineries money in Europe and has plunged in value against diesel, its main competitor.
How did this happen? Here’s a run-through of what’s taken place in a more than $1 billion a day business and how the world’s oil refiners might respond.