Gasoline-distillate price gap calls for refining investments

Robust worldwide demand growth for middle distillates has resulted in a disproportionate price increase compared to gasoline. The current global refining configuration is misaligned with these recent trends in product demand, a situation that calls for significant investment.These are the conclusions of a December 2008 report from Energy Policy Research Foundation Inc. (EPRINC) entitled “The US Refining Industry: Background and Perspective for Policy Makers.”Diesel fuel, which historically sells at a discount to gasoline, now sells at a premium, the report reminds us. And because gasoline margins are now resulting in negative crack spreads, middle distillates are the only sign...

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