re: Powell: Fed can maintain higher rates for "as long as needed"

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We're at our max for gasoline refinement and we're getting into the more costly summer blends.

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Prices at the pump (nationally) are up ~$.20/gallon from a month ago (which is ~$.02 less than this time last year) and we don't have enough SPR to lessen the impact.

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The Strategic Petroleum Reserve is primarily a crude petroleum reserve, not a stockpile of refined petroleum fuels such as gasoline, diesel and kerosene. Although the United States maintains some extra supply of refined petroleum fuels, e.g., the Northeast Home Heating Oil Reserve and Northeast Gasoline Supply Reserve under the aegis of the Department of Energy (DOE), the government does not maintain gasoline reserves on anything like the scale of the SPR. The SPR is intended to give the United States protection from disruptions in oil supplies. In the event of a major disruption to refinery operations, the United States would have to call on members of the International Energy Agency that stockpile refined products, and use refining capacities outside of the continental United States for relief.

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