Annual Demand Changes Vary Considerably
Source: EIA, IEA
SDemand for petroleum products are in a major upswing in 2004, and most analysts predict a continuation of growth in 2005

SHistorically, oil product growth has varied considerably.  After the major demand decline in the early 1980s following the large increase in crude oil prices, demand growth has varied up to about 2 million barrels per day.

SSome market analysts believe that the strong growth of 2004 and 2005 will absorb all surplus refinery capacity, creating a “refinery capacity crisis.”  We see higher utilization occurring but not reaching a cliff edge or crisis situation.