U S Petroleum Refining Industry And The Globalization Of Petroleum Products
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U S Petroleum Refining Industry And The Globalization Of Petroleum Products
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Author : Collin T. Roberts
language : en
Publisher: Nova Science Publishers
Release Date : 2014
U S Petroleum Refining Industry And The Globalization Of Petroleum Products written by Collin T. Roberts and has been published by Nova Science Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Petroleum categories.
The U.S. petroleum refining industry -- the largest refining industry in the world -- experienced a period of high product prices and industry profits from the early 2000s through about 2007. Since the recession of 2007 to 2009, the industry has been in transition. Federal and state agencies regulate petroleum refining and the use of petroleum products to protect human health and the environment, as well as for other purposes. EPA, DOT, and California strengthened five key regulations, including EPA and DOT's coordinated fuel economy and GHG vehicle emission standards, and EPA's RFS, which has required that refiners and others ensure transportation fuels include increasing amounts of renewable fuels such as ethanol produced from corn. This book examines major changes that have recently affected the industry and the future of the industry.
U S Petroleum Refining Industry And The Globalization Of Petroleum Products
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Author : Collin T. Roberts
language : en
Publisher: Gazelle Book Services, Limited
Release Date : 2014-01-01
U S Petroleum Refining Industry And The Globalization Of Petroleum Products written by Collin T. Roberts and has been published by Gazelle Book Services, Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-01 with BUSINESS & ECONOMICS categories.
The U.S. petroleum refining industry--the largest refining industry in the world--experienced a period of high product prices and industry profits from the early 2000s through about 2007. Since the recession of 2007 to 2009, the industry has been in transition. Federal and state agencies regulate petroleum refining and the use of petroleum products to protect human health and the environment, as well as for other purposes. EPA, DOT, and California strengthened five key regulations, including EPA and DOT's coordinated fuel economy and GHG vehicle emission standards, and EPA's RFS, which has required that refiners and others ensure transportation fuels include increasing amounts of renewable fuels such as ethanol produced from corn. This book examines major changes that have recently affected the industry and the future of the industry.
U S Oil Refining Industry Background In Changing Markets And Fuel Policies
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Author : Anthony Andrews
language : en
Publisher: DIANE Publishing
Release Date : 2010
U S Oil Refining Industry Background In Changing Markets And Fuel Policies written by Anthony Andrews and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This report begins by looking at the current production capacity of the oil refineries operating in the United States, and the sources and changes in crude oil supply. It then examines the changing characteristics of petroleum and petroleum product markets and identifies the effects of these changes on the refining industry. The report concludes with discussion of the policy and regulatory factors that are likely to affect the structure and performance of the industry during the next decade.
Energy Markets
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Author : United States. Government Accountability Office
language : en
Publisher:
Release Date : 2007
Energy Markets written by United States. Government Accountability Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with International trade categories.
To better understand how changes in domestic and international petroleum products markets have affected prices, GAO was asked to evaluate trends in (1) the international trade of petroleum products, (2) refining capacity and intensity of refining capacity use internationally and in the United States, (3) international and domestic crude oil and petroleum product inventories, and (4) domestic petroleum supply infrastructure. To address these objectives, we reviewed numerous studies, evaluated data, and spoke to many industry officials and experts and agency officials. International trade in petroleum products has expanded over the past two decades, making markets for gasoline and other petroleum products increasingly global in nature. Recent plans and mandates in the United States and other countries to greatly expand the use of biofuels blended with petroleum products--for example, ethanol blended with gasoline and biodiesel blended with petroleum diesel--may have the unintended effect of reducing opportunities for trade because blending different levels of biofuels with petroleum blending stocks will require changes to these blending stocks and thereby reduce their fungibility. For most of the past 25 years, there has been excess refining capacity globally, but this excess has shrunk considerably in recent years as demand has increased faster than capacity growth, causing refineries to run closer to their production capacity, and contributing to recent increases in petroleum product prices, price volatility, and refining profits. However, experts say it is unclear whether or for how long the current market tightness will continue, in part because of uncertainties about how much additional refining capacity will actually be built in the face of rising construction costs and initiatives that may reduce future demand for petroleum products such as through the blending of large volumes of biofuels into the transportation fuels markets. When measured as average days of consumption, inventories of petroleum products and crude oil in the United States indicate a general decline over the past 20 years. A number of factors have contributed to this decrease in the United States, including reductions in crude oil production and the number of refineries as well as efforts to reduce inventory holding costs by applying advances in technology. Lower operating costs associated with lower inventories may have translated into lower consumer prices during normal periods. However, lower than normal inventories can lead to higher or more volatile prices in the event of supply disruptions or surges in demand. The nation's petroleum product supply infrastructure is constrained in key areas and is likely to become increasingly constrained, unless timely investments are made. A constrained supply infrastructure can exacerbate price effects and price volatility due to a supply disruption. However, no central source of data tracks system bottlenecks. While there is widespread recognition that a study is needed to fully identify the extent of infrastructure inadequacy and the impact on prices, to date, no such analysis has been undertaken, though such a study was mandated by Congress in 2006 with a June 2008 deadline. Significant infrastructure expansion plans in the private sector could alleviate the stresses. However, a complex permitting and siting process involving as many as 11 federal agencies and numerous state and local stakeholders has slowed or impeded the expansion and construction of new pipelines. Unlike in the case of natural gas pipelines, no central federal agency acts to coordinate this permitting process.
Impact Of Imported Petroleum Products On The Domestic Petroleum Industry
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Author : United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation and Conservation
language : en
Publisher:
Release Date : 1985
Impact Of Imported Petroleum Products On The Domestic Petroleum Industry written by United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation and Conservation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Import quotas categories.
Strategic Petroleum Reserve
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Author :
language : en
Publisher:
Release Date : 2009
Strategic Petroleum Reserve written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Petroleum products reserves categories.
The possibility of storing refined petroleum products as part of the Strategic Petroleum Reserve (SPR) has been contemplated since the SPR was created in 1975. The SPR, which currently holds about 700 million barrels of crude oil, was created to help insulate the U.S. economy from oil supply disruptions. However, the SPR does not contain refined products such as gasoline, diesel fuel, or jet fuel. The Energy Policy Act of 2005 directed the Department of Energy (DOE) to increase the SPR's capacity from 727 million barrels to 1 billion barrels, which it plans to do by 2018. With the possibility of including refined products as part of the expansion of the SPR, this testimony discusses (1) some of the arguments for and against including refined products in the SPR and (2) lessons learned from the management of the existing crude oil SPR that may be applicable to refined products. To address these issues, GAO relied on its 2006 report on the SPR (GAO-06-872), 2007 report on the globalization of petroleum products (GAO-08-14), and two 2008 testimonies on the cost-effectiveness of filling the SPR (GAO-08-512T and GAO-08-726T). GAO also reviewed prior DOE and International Energy Agency studies on refined product reserves. Since the SPR, the largest emergency crude oil reserve in the world, was created in 1975 a number of arguments have been made for and against including refined petroleum products. Some of the arguments for including refined products in the SPR are: (1) the United States' increased reliance on imports and resulting exposure to supply disruptions or unexpected increases in demand elsewhere in the world, (2) possible reduced refinery capacity during weather related supply disruptions, (3) time needed for petroleum product imports to reach all regions of the United States in case of an emergency, and (4) port capacity bottlenecks in the United States, which limit the amount of petroleum products that can be imported quickly during emergencies. For example, the damage caused by Hurricane Katrina demonstrated that the concentration of refineries on the Gulf Coast and resulting damage to pipelines left the United States to rely on imports of refined product from Europe. Consequently, regions experienced a shortage of gasoline and prices rose. Conversely, some of the arguments against including refined products in the SPR are: (1) the surplus of refined products in Europe, (2) the high storage costs of refined products, (3) the use of a variety of different type of blends of refined products--"boutique" fuels--in the United States, and (4) policy alternatives that may diminish reliance on oil. For example, Europe has a surplus of gasoline products because of a shift to diesel engines, which experts say will continue for the foreseeable future. Europe's surplus of gasoline is available to the United States in emergencies and provided deliveries following Hurricanes Katrina and Rita in 2005. The following three lessons learned from the management of the existing SPR may have some applicability in dealing with refined products. (1) Select a cost-effective mix of products. In 2006, GAO recommended that DOE include at least 10 percent heavy crude oil in the SPR. If DOE bought 100 million barrels of heavy crude oil during its expansion of the SPR it could save over $1 billion in nominal terms, assuming a price differential of $12 between the price of light and heavy crude, the average differential from 2003 through 2007. Similarly, if directed to include refined products as part of the SPR, DOE will need to determine the most cost-effective mix of products. (2) Consider using a dollar-cost-averaging acquisition approach. Also in 2006, GAO recommended that DOE consider acquiring a steady dollar value--rather than a steady volume--of oil over time when filling the SPR. This would allow DOE to acquire more oil when prices are low and less when prices are high. GAO expects that a dollar-cost-averaging acquisition method would also provide benefits when acquiring refined products. (3) Maximize cost-effective storage options. According to DOE, below ground salt formations offer the lowest cost approach for storing crude oil for long periods of time--$3.50 per barrel in capital cost versus $15 to $18 per barrel for above ground storage tanks. Similarly, DOE will need to explore the most cost-effective storage options for refined products.
Petroleum Refining
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Author : James H. Gary
language : en
Publisher: CRC Press
Release Date : 2007-03-05
Petroleum Refining written by James H. Gary and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-05 with Science categories.
Petroleum refiners must face billion-dollar investments in equipment in order to meet ever-changing environmental requirements. Because the design and construction of new processing units entail several years’ lead time, refiners are reluctant to commit these dollars for equipment that may no longer meet certain conditions when the units come on stream. Written by experts with both academic and professional experience in refinery operation, design, and evaluation, Petroleum Refining Technology and Economics, Fifth Edition is an essential textbook for students and a vital resource for engineers. This latest edition of a bestselling text provides updated data and addresses changes in refinery feedstock, product distribution, and processing requirements resulting from federal and state legislation. Providing a detailed overview of today’s integrated fuels refinery, the book discusses each major refining process as they relate to topics such as feedstock preparation, operating costs, catalysts, yields, finished product properties, and economics. It also contains end-of-chapter problems and an ongoing case study.
Petroleum Refineries
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Author : United States. Congress. House. Committee on Government Reform. Subcommittee on Energy and Resources
language : en
Publisher:
Release Date : 2006
Petroleum Refineries written by United States. Congress. House. Committee on Government Reform. Subcommittee on Energy and Resources and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Technology & Engineering categories.
New Forces At Work In Refining
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Author : D. J. Peterson
language : en
Publisher: Rand Corporation
Release Date : 2003
New Forces At Work In Refining written by D. J. Peterson and has been published by Rand Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Reports the results of discussions with representatives of refining firms, technologies and services providers, research institutions, and other organizations on current and future trends in the U.S. refining industry. Discussants were generally optimistic about the future of the industry but were concerned about the effects of environmental regulations. They recommended that the Department of Energy assume a more prominent policy role on refining and fuels issues.
The Growth Of A Refining Region
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Author : Joseph A. Pratt
language : en
Publisher: Elsevier Limited
Release Date : 1980
The Growth Of A Refining Region written by Joseph A. Pratt and has been published by Elsevier Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Business & Economics categories.