|SEurope, which represents more than a quarter of the world’s
middle distillate demand, is a major factor behind the world’s shift from
gasoline to distillate over the past decade.
|SSome of the Asian decline seen in this chart may be more an
increase in naphtha demand for petrochemical use than of gasoline growth
relative to diesel. But the shift
towards more distillate from gasoline is still not the dramatic shift seen in
|S The U.S. also has distillate growing more rapidly than
gasoline, but the degree of change is much smaller than that seen in
Europe. However, future shifts in U.S.
petroleum product mix are expected to be larger than seen historically, as
will be discussed later.