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SWhile some observers have noted the high
utilizations in the U.S. and Europe this year, they fail to put those
utilizations in perspective.
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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
future.
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SBoth in the US and EU15, utilization reached a
high in 1998, and this year, utilization may approach those levels, but are
not likely to exceed them.
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SThe region
showing the most change in recent years is Asia.
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