Just as drivers hit the road for summer holidays, refiners are turning the taps down on gasoline as a global excess cuts into their profits. Refiners in Europe, Asia and the United States, from the mighty ExxonMobil down to smaller players such as Italy’s Saras, amped up the proportion of gasoline they churned out to cash in on record driver demand. But now they are moving back to the diesel, jet fuel and heating oil that for more than a year had become a “by-product” they did not want. “The pendulum of profitability between gasoline and diesel is set to swing back toward the latter during the next 12 months,” ESAI analyst John Galante said in an annual forecast. “Tightness in the […]