Petroleum Refining in the US
Operators in the Petroleum Refining industry experienced volatile conditions over the past five years. Rising crude oil prices powered revenue growth until the end of the prior five-year period due to refiners' ability to pass costs down the distribution line. Furthermore, low domestic crude oil prices, when compared with international crude oil, bolstered the competitiveness of US petroleum exports. Consequently, at the end of the prior five-year period, the United States became a net exporter of refined petroleum products for the first time since 1949. However, since 2014, crude oil prices have declined due to slowing international demand and rapid production growth. Consequently, industry revenue is expected to decrease over the five years to 2018. This industry is anticipated to recover over the next five years as fuel prices rise and consumption increases. Improving global economic conditions will sustain demand for petroleum products. However, environmental regulations stipulating the inclusion of renewable fuels will pose a challenge to operators. As a result, revenue is forecast to rise over the five years to 2023.
Industry operators refine crude oil into petroleum products. Petroleum refining involves one or more of the following activities: fractionation, straight distillation of crude oil and cracking. This industry does not include companies that extract crude oil or retail gasoline.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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