SThis slide illustrates the rapid penetration of light-duty vehicles in recent years that has been behind the demand shift from gasoline to diesel fuel.  European diesel-fueled new car registrations went from just over 20% in the mid-1990’s to about half of the new car sales today.  This compares to 1-2% in the United States.
	SA number of forecasters predict that the penetration rate of diesel-fueled, light-duty vehicles will increase much more slowly in the future.  However, even if the penetration rate were to flatten out at the current 50% level, the total stock of diesel-fueled vehicles in the fleet would continue to increase from where it is today at about 30% of the existing stock of vehicles until it reaches the flattened penetration rate.  Thus, diesel-fuel demand would continue to increase, while gasoline demand declines.