NEW YORK, Sept 3 (Reuters)

"With U.S. demand for gasoline waning under the weight of high prices and a slowing economy, gasoline supply in the market will continue to be plentiful, Gallogly said.

"Refineries had been operating at an average above 90 percent of capacity, but this year refineries have been operating at much lower capacities nearer to an average of 85 percent, according to Gallogly."

As I recall, the freemarketers excuse for high gas prices was that demand exceeded supply. The markets were driving the prices and limited refinery capacity and increased global demand were the reasons for historically high costs. It looks more and more it was about speculation and manipulation more than normal forces.

Arf