Role of Gasoline Imports –
Now and in the Future
•Historically, imports have been an essential supply source
•Need increased import volume in future
•Will import  supply be available?
–How essential these imports have been
–Why imports have been a competitive supply source
–Future impacts of U.S. specification changes
–The impacts of international supply/demand
SIn order to explore the extent to which domestic refining capacity has met demand, and its potential to do so in the future, I am going to focus on gasoline, because gasoline is probably the most critical product import.

SGasoline imports have become an essential component of US supply.  US refiners alone do not have the capacity to fully meet US gasoline demand during the peak summer months.

SCurrently, our expectations about refining capacity additions indicate that gasoline imports need to increase in the future.

SBut will that import supply be available?  To address this issue I will need to discuss:
–The magnitude of gasoline imports;
–Why imports have been a competitive supply source;
–Future impacts of U.S. specification changes;
–International supply/demand impacts.