Table of contents for Energy markets : GAO report.


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Chapter 1     Energy Markets: Increasing Globalization of
Petroleum Products Markets, Tightening
Refining Demand and Supply Balance, and
Other Trends Have Implications for U.S.
Energy Supply, Prices, and Price Volatility  1
Chapter 2     Petroleum Products Markets Have
Become Increasingly Global with Greater
Trade and Prices Increasingly
Linked across Countries                    21
Chapter 3     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                   29
Chapter 4     Domestic and OECD Inventories of
Petroleum Products and Crude Oil Have
Declined Relative to Demand, with
Mixed Effects on Prices and Price Volatility  41
Chapter 5     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                                     49
Chapter 6     Conclusion                                   59
Chapter 7     Recommendations for Executive Action         61
Appendix I:   Scope and Methodology                        63
Appendix II:  Comments from the
Department of Energy                         67
Appendix III: Comments from the
Federal Energy Regulatory Commission         69



Library of Congress subject headings for this publication: Petroleum products Prices Forecasting, Petroleum products Economic aspects Forecasting, International trade, Petroleum reserves