Feared supply shortfalls have failed to materialize ahead of the Jan. 1, 1995, deadline for introducing reformulated gasoline (RFG) required in certain areas of the U.S. under federal clean air law. Quite the opposite is the case. Not only are there apparently ample supplies of the new fuel, but the last minute pullout from the federal program by some counties in Pennsylvania and New York have roiled oil markets. The abrupt drop in expected demand that is resulting from the withdrawals contributed to declines in crude oil and refined products futures prices the previous 2 weeks (OGJ, Dec. 12 and Dec. 19, Newsletter). Al...

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