|SThe earlier consumption chart combined the U.S. and Europe,
while this chart separates them to illustrate some important differences in
fuel use that explain how supply has evolved in the Atlantic Basin.
|SThis picture shows the different mix of petroleum products
for Europe and the United States and their changes during the twenty years
1987-2007. The U.S. uses more gasoline
than distillate fuels, while Europe is the reverse – using more distillates
|–Europe’s concerns over greenhouse gas emissions have
resulted in policies to reduce energy consumption by shifting from less
efficient gasoline-fueled vehicles to more efficient diesel-fueled
vehicles. This has resulted in diesel
demand increasing and gasoline demand falling.
|–Although European penetration of new light-duty diesel
vehicles may be leveling off, the fleet share of diesel vehicles is still
well behind the new sales penetration rate, which implies the trends in
demand will continue.
|–The diesel and gasoline demand trends have resulted in
Europe needing increasing distillate imports and generating increasing
volumes of gasoline for export.
|STotal gasoline plus distillate fuel use has grown in Europe
and the U.S., but has grown more in the U.S., which increased 31 percent over
the twenty-year period shown, while Europe increased about 20 percent.
|SMuch of Europe’s reduction in petroleum demand growth came
from reduced use of residual fuel oil, which is a boiler fuel.