In a word, yes. In recent posts I have told you that the Exxon refinery in Joliet was down for repairs. Turns out it was due to a compressor problem. (http://www.nasdaq.com/article/refinery-status-exxon-has-compressor-problem-at-joliet-refinery—filing-20130325-00606) Well, it’s back up! (http://www.bloomberg.com/news/2013-06-10/chicago-gasoline-falls-to-1-week-low-on-exxon-joliet.html) This, along with some supply coming in from the Gulf region sent the Chicago spot price spiraling down almost 20 cents today.
The news I have read says this should only be the beginning. BP’s Whiting, Indiana refinery expansion project should also be back up and running by the end of the month. (http://www.hydrocarbonprocessing.com/Article/3216650/Latest-News/BP-nears-completion-of-work-to-modernize-Whiting-refinery-in-Indiana.html) Right now we are at a 40 cent premium to the NYMEX RBOB. That has in the past when times were good been a 20 cent discount. We still have a long way to go, but it looks like we are out of the woods for now.