15 May 2007 21:35 [Source: ICIS news]
At a hearing before the Senate Energy and Natural Resources Committee called to investigate record high prices for US gasoline, Deutsche Bank managing director and energy authority Paul Sankey said the simple reason for high prices “is the lack of global gasoline supply relative to demand”.
US gasoline prices reached a record average high of $3.10/gal yesterday, according to the US Department of Energy. High fuel prices affect
“Anybody who blames record high
“Just in the
“With strong demand outside the
With growing US automotive fuel demand and increasing competition for and limited availability of global refined product supplies, he said, the
“There is now
Guy Caruso, head of the US Energy Information Administration, said that underlying tightness in global oil markets is likely to continue for several years. He cited continued growth in oil demand worldwide, little growth in crude supply outside of the member nations of the Organization of Petroleum Exporting Countries (OPEC), and continued production restraints by OPEC producers.
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