Ep. 250 Bob Murphy vs. Biden Administration on Fuel Inventories
Bob Murphy Show
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What Happens When Inventory Drops Off?
In equilibrium, the amount of gasoline burned equals the amount produced from refiners. But when demand for gasoline drops off worldwide, other things equal with the existing market price now, quantity demanded drops. In that period, where you're carrying above-average inventories, oh, also there's now a glut.
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