Economics of Oil Refining
Jean‐Pierre Favennec
Abstract
Abstract Refining is a key element of the energy industry. We use gasoline and diesel for transport, not crude oil. The evolution of the refining industry from a simple process to manufacture kerosene the key product at the end of the nineteenth century to a very sophisticated process to deliver high-quality products for sophisticated engines now is impressive. Less demand in Europe, more demand in Asia has deeply changed the structure of the industry with closures of facilities in Europe and development of large, sophisticated plants in the Middle East and Asia. The economics of refining for long very poor are improving with the adaptation of the industry.
Topics & Concepts
Refining (metallurgy)Diesel fuelQuality (philosophy)Process (computing)Product (mathematics)Oil refineryGasolineBusinessEngineeringNatural resource economicsEconomicsWaste managementComputer scienceMaterials scienceMetallurgyOperating systemGeometryPhilosophyMathematicsEpistemologyGlobal Energy and Sustainability ResearchGlobal Energy Security and PolicyPetroleum Processing and Analysis