|SClearly as crude prices rise and remain high,
product prices will also rise.
|SBut as we saw this spring, light product
prices, such as gasoline and distillates, frequently rise even more than
|SThere are the usual seasonal increases, but
there also is the tendency of higher valued products to move more than
feedstock costs and the inability of the world refining and distribution
system to adjust quickly to changing market conditions due to the fact that
the system is working at relatively high utilizations.