Saudi Aramco, the world's largest oil company, owns a refinery in Qingdao province and has another, in Fujian, as a joint venture with Sinopec, a Chinese petroleum giant, and ExxonMobil, an American one.

ECONOMIST: The Saudis are hedging their bets

Another theory posits a link to the sale of the Mazeikiai refinery.

ECONOMIST: Lithuania's government

Phillips 66 will take 238, 000 barrels per day offline as they shut down their Bayway Refinery in Linden, New Jersey, while Hess will be taking another 70, 000 daily barrels of capacity off the market as it shuts down their operations at Port Reading, New Jersey.

FORBES: Perfect Storm For Gas Prices: Sandy Forces Refineries To Shut Down As Supplies Run Thin