Refiners Predict Gasoline Market Will Grow in 2016

Refiners Valero Energy Corp and Phillips 66 both say they are pumping as much gasoline as they can this winter. Spokesman for Phillips 66, Greg Garland said, "Demand is robust, but we've actually exported fewer barrels this year than we did last year and it's because we've had better placement opportunities in the domestic markets." A report by AAA Fuel Gauge noted that since mid-2014 oil prices have dropped over 70% while the average gasoline pump prices fell 52%. According to the U.S. Energy Information Administration, “gasoline consumption rose 2.6 percent to an average of 9.2 million barrels per day last year.” Representatives from Motiva Enterprises, Marathon Petroleum Corp, and Tesoro Corp all report strong gasoline demand.