|SThe next few slides are going to explore
gasoline imports further to build the groundwork for helping to understand
international product market dynamics.
|SGasoline import sources can be grouped based
on several important attributes
|SThe US is a major market for the refineries in
Eastern Canada, the Hovensa refinery in the Virgin Islands, and, to a lesser
extent, the Venezuelan export refineries.
|SWestern Europe has become a growing source of
US gasoline as the US has been the market to absorb their excess gasoline
production resulting from the growth of diesel demand in Europe.
|SFor the other sources, the economic
relationship weakens as the distances between these sources and the U.S.
market increase. Also, alternative
markets are available to compete with the U.S. for these other available