|SEurope and the U.S. provide an interesting
example of how international product trade can benefit consumers.
|SThe U.S. depends on product imports –
particularly gasoline. But this is not
simply because it is difficult to expand refining capacity in the U.S. There are some very economic sources of
product available as imports – particularly from Europe.
|SIn the following slides, the presentation will
illustrate how these two regions work together to balance supply and demand.
|SThe presentation will highlight why distillate
is probably more of a concern for Europe than for the U.S., but how Europe
resolves its issues will affect the U.S.
|SProduct quality changes are also
important. Both Europe and the U.S.
are moving to low sulfur products.
These changes will likely play an important role over the next few
years, but how that will evolve is highly uncertain. As a result, we will not address that topic
further in this presentation.