This from R-Squared…..

Gasoline imports were strong while prices were at record highs. Looks like prices may need to head back that direction to attract more imports. That gasoline import number is pretty weak, considering gasoline imports have been running at well over a million barrels per day. I suspect today’s report means gasoline prices will continue their recent climb, after bottoming out a couple of weeks ago. That refinery utilization number is another big story. We have yet to see 92% utilization this summer. You have to go all the way back to 1991 to see summer utilization numbers in this range. Last year’s June number was 93%, and it was over 97% in June of 2004 and 2005.

As long as refinery utilization rates stay low, we are going to be dependent on imports. And as long as we are dependent on imports we are going to have to pay more then the wholesale price in Europe plus shipping costs for our gas. That will never be cheap.