Baker & O'Brien analyzed premium and regular gasoline prices in the U.S. and concluded that marginal refiner costs are not the primary driving forces behind widened price spreads for premium. Additionally, through use of our PRISM Refining and Marketing Industry Analysis System, we evaluated an EIA scenario for phasing in 95 RON gasoline beginning in 2022. We concluded that that U.S. refiners would likely be able to meet the new requirement through 2027 with modest investment and operational changes.