As coronavirus destroys fuel demand, global refiners consider cuts

Falling prices for crude oil are usually a good thing for global refiners - except when nobody is driving.

Worldwide, refineries are slowing output and contemplating extensive maintenance due to travel restrictions put in place in response to the coronavirus pandemic.

Gasoline demand in the United States, the world's largest oil consumer, is plunging. International flights are being grounded worldwide, slamming jet fuel demand.

Margins for producing transportation fuels turned negative in Europe and Asia, and briefly did the same in the United States, in a rapid response to international and domestic travel restrictions in scores of nations worldwide.

"What we are seeing is