Table of Contents

Preface; Letter; Results in Brief; Background; Petroleum Products Markets Have Become Increasingly Global with Greater Trade and Prices Increasingly Linked across Countries; Global and Domestic Refining Capacity Have Not Kept Pace with Demand, Leading to Tight Demand and Supply Balance and Recently Contributing to Higher Petroleum Product Prices; Domestic and OECD Inventories of Petroleum Products and Crude Oil Have Declined Relative to Demand, with Mixed Effects on Prices and Price Volatility; U.S. Supply Infrastructure Is Constrained in Key Areas and Likely to Become Increasingly Constrained, Thereby Increasing Prices and Price Volatility unless Timely Investments Are Made; Conclusions; Recommendations for Executive Action; Agency Comments and Our Evaluation; Index.