|SEvents of the past few years have brought much
more attention to refining, culminating with last fallís hurricane damage to
refineries and pipeline deliverability that brought gasoline prices to over
$3.00 per gallon.
|SWhile refining capacity in the United States
has been increasing since 1995 on average by 177 thousand barrels per day,
which is the same as adding one new refinery per year, our need for imported
gasoline has increased in recent years.
|SBut it looks like the tide is turning, and we
may see a larger increase in capacity than we have seen for some† time, not only in the United States, but in
most other areas of the world as well.