Today on CNBC’s “Squawk on the Street,” former CEO of Gulf Oil Joe Petrowski discussed downstream factors behind rising gasoline prices. Petrowski said urbanization and smaller, fewer cars per family has lessened reliance on gasoline. “There’s a profound demographic trend going on downstream in the industry.” That and other factors have dampened the price effect of gasoline, Petrowski said.
Regarding the U.S. exporting crude oil:
“I’m in full support of the administration allowing the export of crude… as my old boss used to say, ‘the function of a good commodities trader is to move it from where it is to where it isn’t, and I think that was a sensible policy on the part of the administration.”
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