Publications: Notes at the Margin

Is There a Feasible Solution to Product Market Imbalances? (November 19, 2018)


As the oil market stands today, there may be no feasible way to provide the diesel and low-sulfur gasoline required by transportation consumers in 2019 and 2020 without producing gasoline volumes that vastly exceed any likely consumption level unless—and this is an important caveat—a significant number of fluidized catalytic crackers (FCCs) are shut permanently. If current trends continue, there will almost certainly be too much gasoline. There will also be far too little diesel fuel.


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