Petroleum Refining in Texas
The Petroleum Refining industry in Texas has experienced volatile conditions over the past five years. Crude oil is the primary input cost for refiners. Due to the input's sensitivity to microeconomic and macroeconomic factors, such as supply and demand and the health of economies domestic and overseas, crude oil is a highly volatile commodity. Strong levels of crude oil production, both domestically and internationally, over the past five years have resulted in a steep decline in the price of crude oil. Consequently, industry players have experienced falling operating costs. However, following this decline in the industry, reversing trends are anticipated to help provide a boost to the industry over the next five years. In 2016, the Organization of the Petroleum Exporting Countries proposed a cutback on oil production to help boost crude oil prices. As these cutbacks continue on through the forecast period, the supply of crude oil and level of demand are expected to balance. The balancing of these economic forces will spur growth in the price of crude oil.
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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