|SThis chart illustrates the dramatic product
mix change that has taken place in Europe relative to the rest of the world
by graphing distillate demand’s share of total demand for gasoline and
|SDistillate in this graph includes diesel,
heating oil and jet fuel, but the change in distillate demand share captured
in the chart is driven mainly by changes in diesel fuel demand.
|SWhile not shown on the chart, the U.S. share
of distillate has shifted slightly higher and the rest of the world has
actually shifted a bit towards more gasoline.
|SEurope’s strong shift away from gasoline to
distillate has created some supply challenges that affect the U.S. gasoline
and distillate markets.