Gasoline Price Surge Revisited: Crude Oil and Refinery Issues:Rept. to Congress

摘要

Since late 2002, gasoline prices have been extremely volatile, with the national average spiking above $1.70 three times. Most recently, the nationwide pump price of regular fuel set a new record, exceeding $1.75 per gallon. Prices in some states at $2.15, California stands out--are much above the average. In addition to the set of market forces applicable to pump prices in the United States, the Organization of Petroleum Exporting Countries (OPEC) announced a supply cut effective in April. At a minimum, this underpins very high crude oil prices, which are a component of the current pump price situation. Beyond higher crude oil prices, gasoline prices are strongly influenced by the supply and demand situation at the pump. Since 1999, the only growth in U.S. oil consumption has been increased gasoline demand, which has risen by 500,000 barrels per day to a current annual average of 8.9 million barrels per day. While this might seem to be a relatively small amount, it has translated directly into increased demand for foreign gasoline, since U.S. refineries have not added capacity as gasoline demand has grown. Demand for imported gasoline now exceeds one million barrels per day.