Tesoro Economist: No Recovery In US Oil Demand This Year
"People have changed their driving patterns because of high prices," said
U.S. gasoline demand is down 3.2% in the month ending
Tesoro reported second-quarter earnings of
"We had already planned a lot of our capital plans to be able to do the best we can ... in a low-margin environment; we see that continuing for the foreseeable future," Westfall said.
The company is retrenching to weather a tough period with no clear endpoint for the refining industry. Tesoro has reduced oil inventories by about 20% to 27.6 million barrels at the end of June.
"Management was able to tighten the belt sufficiently to weather a challenging
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