The new months will reference New Jersey standards, using methyl tertiary butyl ether (MTBE), the same as the January through April 2004 contracts listed in May.
In December 2002, the Exchange halted listing additional months of gasoline futures trading due to changes that will create inconsistent policies regarding gasoline additives between states in the New York harbor area, where the contract is delivered. New York State and Connecticut are scheduled to ban MTBE beginning in January 2004. New Jersey has not adopted a similar ban and state officials have indicated to the Exchange that the state has no plans to changes its standards at this time.
Exchange President J. Robert Collins, Jr., said, "The Exchange continues to expend a great deal of time, energy, and resources to communicate to federal and state officials its concern over the fragmentation of the gasoline market that will occur over the inconsistencies in state policies for this region. As we move forward, we will continue to evaluate the standards that will serve the broadest spectrum of our industry, with the goal of listing as many months in advance as possible."
