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May 24, 2005 10:30 AM, EDT

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ven if oil prices continue a recent downward trend, the likelihood of less expensive diesel and gasoline could be reduced because of a global refinery shortfall, the Wall Street Journal reported Tuesday.

Global oil demand is expected to grow by two million barrels a day this year, up from 82.5 million barrels a day last year, the Journal said.

Even a move by OPEC to ramp up production might not be enough to translate to major price cuts, which could keep pressure on transportation industries such as trucking, automobiles and airlines, it reported.

Benchmark light sweet crude oil prices peaked when they hit an all time record of $58.28 a barrel on the New York Mercantile Exchange April 4. They have since declined to below $50, with retail fuel prices falling as well.

In early trading Tuesday, crude oil was up 4 cents from Monday’s closing price to $49.20 a barrel, CNBC reported.