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US Federal Trade Commission: transcript 070412

US Federal Trade Commission: transcript 070412

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16 part of the problem, part of the issue.

17 If you see the green, the green really

18 represents kind of our stable supply from Central South

19 America, Canada, and it does come in, it is relatively

20 close. A disruption is something that can be easily

21 accessed from relatively near-term sources.

22 However, with the advent of the boutique fuels,

23 fuels that are more difficult to make, ultra low sulfur

24 gasoline, more of the gasoline is coming from Europe.

25 That is the real increase, and the problem there is

For The Record, Inc.
(301) 870-8025 - www.ftrinc.net - (800) 921-5555

76

1 getting gasoline from Europe is at least two weeks away;

2 depending on the total time to get it, load it, bring it

3 in, probably three weeks away. As we saw during

4 Katrina, when we got a lot of gasoline in from Europe to

5 help make up our shortfalls, there is about a two to

6 three-week lag between starting products from Europe and

7 actually getting them into the U.S. system, and this is

8 growing.

9 It is going to be more as you look ahead because

10 of the limited growth in capacity of refineries while

11 demand is still growing about 1 percent a year in the

12 U.S., about the same rate as inflation. More and more

13 imports are going to have to be coming in from overseas,

14 from Europe.

15 Pipelines, as you will see in a minute, they are

16 the critical link in getting product up particularly the

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