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NEWS RELEASE 98-096; DECEMBER 18, 1998 December 18, 1998
News Release 98-096

U.S. PETROLEUM REFINING INDUSTRY COMPETITIVE IN THE GLOBAL MARKET

U.S. consumption of refined petroleum products increased from 17.2 million barrels per day in 1993 to 18.6 million barrels per day in 1997 and 18.4 million barrels per day during January- June 1998, reports the U.S. International Trade Commission in its publication Industry and Trade Summary: Refined Petroleum Products.

U.S. production satisfies most of domestic demand for refined petroleum products, with imports accounting for an average of 11 percent of annual consumption, according to the report.

The ITC, an independent, nonpartisan, factfinding federal agency, recently released the report as part of an ongoing series of reports on the thousands of products imported into and exported from the United States. Following are other highlights of the report:

The foregoing information is from the ITC report Industry and Trade Summary: Refined Petroleum Products (USITC Publication 3147, December 1998).

ITC Industry and Trade Summary reports include information on product uses, U.S. and foreign producers, and tariff treatment of the products being studied; they analyze the basic factors affecting trends in consumption, production, and trade of the commodities, as well as factors bearing on the competitiveness of the U.S. industry in domestic and foreign markets.

This report will be available on the ITC's Internet server at http://www.usitc.gov. A printed copy may be requested by calling 202-205-1809 or by writing the Office of the Secretary, U.S. International Trade Commission, 500 E St., SW, Washington, DC 20436. Requests may be faxed to 202-205-2104.

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