Gasoline Imports

There's an interesting point in this news story from a week ago (yeah, it's taken me a week to write about it…) that average gasoline prices have fallen 7¢/gallon in the prior three weeks:

Most of that 7-cents-relief came from lower prices charged for gas produced in refineries outside the United States

Color me unsurprised. With domestic refineries still having trouble ("operating at 89.6 percent capacity, down about 6 points from normal") the gasoline demand is being met by imports.

I detect a whiff of I told you so in the air.