Quick hits.
- In an unusual turn of events, higher oil prices aren’t translating into higher gasoline prices for consumers. Why not? An unusual spate of refinery shutdowns earlier in the year drove demand for crude oil down (because refineries undergoing repairs or maintenance couldn’t process as much oil) but also drove down the supply of wholesale gasoline (raising prices at the pump). Now the process is being reversed: high demand for crude (reflected in sky-high crude prices), but also a larger supply of gasoline going forward (which moderates pump prices).
- Remember when I confessed to being leery about doing business in Russia? Here’s another development suggesting why.
- Someday, Alcatel’s $10 billion purchase of Lucent may mean immense business clout for the combined firm. Today is not that day.
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