Growing US Oil and Gas Production Set to Reshape Competitive Position of US Refineries

摘要

A production renaissance is taking place in the United States (U.S.) oil and gas industry, the likes of which could not have been contemplated even five years ago. Advances in drilling technology and the opening up of previously untapped shale deposits have combined to increase total domestic oil production for the first time in over four decades. An abundance of domestic natural gas production has pushed prices down to the point where natural gas-based chemicals can again be competitively produced and large-scale liquefied natural gas (LNG) exports are seen as a possibility. Such developments are also having a profound impact on the competitive economics of various segments of the U.S. refining industry and its ability to compete in the global refined products marketplace.