The situation in Venezuela keeps on deteriorating and the already cash strapped nation now has to import gasoline as its refineries are operating at extremely low levels
U.S. gasoline demand has been weaker than expected this year, but a growing economy and relatively cheap pump prices have the energy industry expecting record demand again this summer driving season, which should help drain the global oil glut. Gasoline demand in the first two months of 2017 was down 2.1 percent from a year ago, according to the U.S. Energy Information Administration. The U.S. gasoline market accounts for roughly 10 percent of global oil consumption, so American motorists have outsized influence over the global petroleum supply.
Unless gasoline demand sharply increases, oil refiners may be in for another tough year.