|SNot surprisingly, as Europe’s excess gasoline
supply has grown, much of the growth in gasoline imports to the U.S. during
the past few years has come from European sources.
|SFuel quality may also have been a factor
influencing growth in volumes from Europe.
Europe’s low-sulfur gasoline program is similar to the U.S.
program. Note that when we began the
Tier 2 program in 2004, European gasoline import volumes (January through
July) increased by 128 thousand barrels per day (46%) from the same period
|SAt the same time, we saw a drop in volumes of
39 thousand barrels per day from Brazil and Other Latin America.