Our imports of gasoline averaged close to 1.0 million barrels per day in the last four weeks, which is very high for February.
We don't see prices going as low as $2.50 any time this summer. They could bottom out much higher than that.
Demand growth has become so strong that these higher supply levels don't represent the same daily demand coverage they used to. SUVs are making up a bigger percentage of the fleet and the average American tends to drive more miles.
Just as we were saying high prices were lessening the demand growth we would normally see, but not as much as some people would think, the lower prices are having some impact on making demand higher.
How high prices rise and how long they stay elevated is still up in the air because we don't know what the ultimate damage is going to be.