The report was welcomed by Chris Hunt, director general of the UK's Petroleum Industry Association, which represents refiners.

BBC: OFT says UK petrol market is working well

Depending on how serious the destruction is, look for shares of U.S. refiners like Valero, Tesoro, Marathon Petroleum and Phillips 66 to climb Monday on the expectation of tighter gasoline supplies (and higher prices) in the hemisphere.

FORBES: Deadly Venezuela Refinery Blast Likely To Increase Demand For U.S. Gasoline

Edward Murphy, a research director at the American Petroleum Institute, points out that it costs foreign refiners no more than 4 cents a gallon to ship gasoline to the U.S. That means increased imports from Europe, which has seen declining demand for gasoline as motorists opt for diesel.

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