Chock full of statistics. It is absolutely amazing what is going on in the US. By the way, all the CO2 emissions will be blamed on the US, even though the refined products are being bought by foreign customers. If "we're" going to do "cap and trade" or whatever the O'Bama administration calls it, we need to refine how we calculate "cap and trade." Pun intended.
Some data points from the article:
- refined product of choice: diesel; better margins; demand is growing
- US has energy advantage: natural gas to "run" the refineries is significantly cheaper in the US
- US refiners have advantage: cheaper to buy US oil than buy foreign oil for their operations
- margins for diesel: $16/bbl; margins for gasoline: $8/bbl
- Valero: world's largest independent refiner; completed building 2 new hydrocrackers (TX, LA)
- MRO: will speed up expansion of its hydrocracking unit at Garyville, LA; will complete it in October, one year ahead of schedule
- Gulf Coast has advantage to refiners on East Coast (expensive Brent on the East Coast; that's why they like Bakken CBR; but all oils now reaching parity)
- issue of the Jones Act mentioned but not be name; increases cost for East Coast
- US exports rose to 2.6 million bpd (end of 2012) vs 1.3 million bpd in 2007
- this week: 2.9 million bpd exported
- US imported 700,000 bbls of gasoline per day; exported 258,000 bbls of gasoline per day
- Valero: 20 - 25 percent of US exports
- refineries, at 91% percent capacity, is off recent highs
I sure would like to know how the Jones Act effects the East Coast and not the Gulf Coast?
ReplyDeleteIt's at the linked article.
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