U.S. refiners are cranking out gasoline at record rates. But gasoline sales are increasing to China , Argentina , Ecuador and elsewhere, amid slowing consumption by American motorists.

Net exports of gasoline in the first four months of 2013 are up 44,000 barrels a day from the same period a year earlier, to a record 377,500 barrels a day, government data show.

At the same time, U.S. gasoline demand is down 61,750 barrels a day to a 12-year low of 8.5 million barrels a day, according to the Energy Information Administration.

Excess gasoline supplies in the U.S. are finding a home abroad, where emerging markets want high-quality fuel to feed their growing needs. U.S. refiners also have been able to offer competitive prices because of low domestic crude costs. At the same time, in the U.S. , drivers are using more fuel-efficient vehicles, which is denting demand.

U.S. refiners, returning from seasonal maintenance and flush with rising supplies from surging shale-oil fields, are pulling down crude stockpiles, which were at an 82-year high as recently as late May. The abundant supply represented by the stockpiles had kept U.S. oil prices trading at a discount to global crude.

Now those stockpiles are down 1.1% from a year ago at 373.9 million barrels, showing the first year-on-year decline since March 2012, the EIA said Wednesday.

The EIA report sent crude-oil futures prices on the New York Mercantile Exchange up by $2.99 to $106.52 a barrel, the highest price since March 2012. Gasoline futures prices climbed 3% to $3.0149 a gallon, the most since April 2. The gasoline futures price would translate to about $3.70 a gallon at the pump nationwide, 20 cents higher than current prices.

Implied U.S. gasoline demand got a boost last week from the July Fourth holiday, hitting an 11-month high. But the EIA projects the fireworks won't last.

The independent analysis wing of the Department of Energy expects third-quarter gasoline demand to be flat with last year, with the summer's monthly peak anticipated as a 12-year low for August. If demand slows as expected, refiners likely will look to boost exports further to trim gasoline stocks, which are now at a 12-year high.
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