|S2008 was unusual in a number of ways. The first was an unusually tight distillate
market. It provided insights into the
kinds of price behavior we could see from time to time in the future, and it
showed us what U.S. refiners could do to meet increasing distillate needs
without further investments.
|S2008 also came with the recession, which resulted in many
market factors reversing.
|SThe issue is attempting to determine what will rebound, and
what has shifted permanently.