SLooking back into 2004, gasoline stocks began the year low, but supply outpaced demand the last part of summer, and stocks rose to very high levels before the fall season.
	SAs we began 2005, gasoline stocks were unusually high, which normally would keep refinery runs down somewhat.  But expectations were for gasoline prices to increase in the future, mainly due to expectations  for higher crude oil prices.  This encouraged high refinery input rates, which, combined with strong gasoline imports, counterbalanced the low gasoline yields, and kept gasoline inventories in the upper range for much of the summer.
	SBy mid summer, gasoline stocks had begun to decline and were on the low side at the end of August. Because of the hurricane impacts, and despite unusually high imports, gasoline stocks will remain below normal until October. Rebuilding should occur in the November to February timeframe.