To better understand how changes in domestic and international petroleum products markets have affected prices, this book evaluated trends in: (1) the international trade of petroleum products, (2) refining capacity and intensity of refining capacity use internationally and in the United States, (3) international and domestic crude oil and petroleum product inventories, and (4) domestic petroleum supply infrastructure.
To better understand how changes in domestic and international petroleum products markets have affected prices, this book evaluated trends in: (1) the international trade of petroleum products, (2) refining capacity and intensity of refining capacity use internationally and in the United States, (3) international and domestic crude oil and petroleum product inventories, and (4) domestic petroleum supply infrastructure.
Preface; Letter; Results in Brief; Background; Petroleum Products Markets Have Become Increasingly Global with Greater Trade and Prices Increasingly Linked across Countries; Global and Domestic Refining Capacity Have Not Kept Pace with Demand, Leading to Tight Demand and Supply Balance and Recently Contributing to Higher Petroleum Product Prices; Domestic and OECD Inventories of Petroleum Products and Crude Oil Have Declined Relative to Demand, with Mixed Effects on Prices and Price Volatility; U.S. Supply Infrastructure Is Constrained in Key Areas and Likely to Become Increasingly Constrained, Thereby Increasing Prices and Price Volatility unless Timely Investments Are Made; Conclusions; Recommendations for Executive Action; Agency Comments and Our Evaluation; Index.
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