U.S. Oil Prices Fall Sharply as Glut Forms on Gulf Coast - The Ramifications Could Be Far-Reaching, Including Lower Gasoline Prices for American Drivers

From The Wall Street Journal:

The strongest indication of a glut is the falling price of "Louisiana Light Sweet," a blend purchased by refiners along the Gulf Coast. Typically, a barrel of Louisiana Light Sweet costs a dollar or two more than a barrel of crude in Europe.

But on Wednesday, a barrel of Louisiana crude fetched $9.46 less than a barrel of comparable-quality crude in England.