Total Executive: Europe, US Gasoline Demand To Fall Through 2020
September 14 2009 - 4:33AM
Dow Jones News
Gasoline demand in Europe and the U.S. is expected to fall
through to 2020 in the wake of the global economic slowdown, said
an executive of French oil major Total SA (TOT) Monday.
"We are quite convinced at Total that in both regions the
consumption will decrease very sharply until 2015 and 2020," André
Tricoire, senior vice president of refining, said.
Speaking at Platts's European Refining Markets conference in
Brussels, Tricoire said the decline in gasoline demand is one of
the biggest threats to European refiners, who are heavily reliant
on gasoline exports to the U.S.
Climate change legislation could further discourages gasoline
consumption, he added.
Excess refining capacity is expected to pressure refining
margins in the short and medium term, he added.
-By Lananh Nguyen, Dow Jones Newswires; +44 (0)20-7842-9479;
lananh.nguyen@dowjones.com