An old cliche states that the only constant is change. Today's North American business environment is demonstrating the truth of that old saying. Refiners are seeing their feedstock choices changing dramatically as new sources of crude oil are coming from unexpected places. Product markets, which have been in a state of significant flux for many years, are also moving rapidly. In this environment, traditional assumptions about the sources of value in the refining industry - processing heavy crude oil, emphasizing gasoline production - are now losing appeal. Petrochemical producers are seeing even greater changes. North American feedstock supplies are expanding rapidly and changing the direction and source of investment and operations. Advantages for traditional locations are disappearing and new advantages are appearing in new locations. So for petrochemical producers, the traditional assumptions of sources of value and future investment - naphtha cracking, investing in Asia - have now been reversed.
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