Curious about what's happening to gasoline prices? Short version is that COVID and the Texas freeze massively disrupted supply chains. Some interesting data from @EIAgov this morning. Brief thread:
1/ First, look at demand. Gray area is the historic normal. Massive collapse when COVID hit that didn't get back to normal until this spring. Supply chains got beat up. 
2/ Now look at how the Texas freeze hammered the refineries. (Please, fix your grid, Texas.)
3/ Couple those two and inventories are unsurprisingly at the low end of historic norms. That looks to explain most of the current price pressure at the pump.
4/ One last point though. Don't ignore the degree to which the US has become an oil exporter. Prices are high right now, in no small part because domestic producers are sending oil overseas. /fin
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