NPRA Annual Meeting 2004
Uncertain Factors Affect Capacity Decisions, But Can Learn From History
Capacity
Feedstock
Demand
Imports
Future Regulations
Alternative or Substitute Fuels
Competing Investment Requirements
S In looking at the need for new capacity, we recognize that many factors influence each company’s decision.  Two significant factors are future demand and the marginal or most economic sources of supply to meet demand.

SFor today’s discussions I will focus on
–Historical demand for petroleum and what insights history can provide on the potential for future demand changes;
–What seems to be happening to our sources of product imports – in particular gasoline;
–What historical changes to U.S. capacity can tell us about potential future changes.