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World Biofuels Symposium
November 13-15, 2005
Beijing, China

2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels Association

National Biodiesel Conference & Expo 2006
February 5-8, 200
San Diego, California
National Biodiesel Board

11th Annual National Ethanol Conference: "Policy & Marketing"
February 20-22, 200
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association

22nd Annual International Fuel Ethanol Workshop & Expo
June 20-23, 200
Milwaukee, Wisconsin, USA

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Posted on  

April 19, 2001

Summer gasoline likely to be as tight as last summer

Gasoline supplies this summer are likely to be just as tight as during last year's record pump price spike, said the top executive of the Valero Energy Corp., the nation's second largest independent refiner.

Overall U.S. gasoline supplies are 8 million barrels below last year at this time, according to the American Petroleum Institute's weekly stock report released on Tuesday.

Valero CEO Bill Greehey, speaking to an analysts' conference call late Tuesday, said the impact of high natural gas price on oil refining, and heavy refinery turnarounds during the first quarter, have led to the deficit.

High natural gas prices -- which peaked this winter at $10 per million British thermal units and are still about double what they fetched this time last year -- increase the cost of refinery feedstocks and can limit refinery production.

Gasoline imports have also fallen, with tougher European Union gasoline regulations helping push down imports to the U.S. by 6.5 percent from last year, Greehey added.

"Normally gasoline builds in the first quarter," he said, "but due to low imports and production, inventories are actually down since the beginning of the year."

Average gasoline prices have nearly surged to last summer's levels. Gas pump watchers the American Automobile Association said on Tuesday average U.S. gasoline prices have risen 15 cents a gallon this month to $1.59 per gallon, just a penny off last summer's record average of $1.60 per gallon. 


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