|STurning to the U.S., we need to look at both gasoline and
distillate here as well to appreciate what may be happening to the distillate
|SOn the demand side, the relative size of the gasoline and
distillate markets is changing in the U.S., but not to the same extent as has
occurred in Europe.
|SSupply changes may have larger implications for U.S.
refiners than the demand shifts, as discussed in the following slides.