|SThe Atlantic Basin reflects a “business as
usual” picture when it comes to utilizations.
|SThe relationship between EU 15 oil product
demand and refining capacity has shown little change since 1998, and concerns
about global warming have created efforts directed at demand declines in the
|SStill, we see that utilization has been high and continues at high levels
in both Europe and the U.S.
|SIn general, increased refinery capacity
utilization may be adding some product price pressure over and above crude
oil, but it is not the cause of the large increase in crude oil prices.