| By Richard Gibson: |
What Things Are Made Of
The story of America's dependency
on mineral commodities (including oil) in everyday life.
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The following links provide evidence that refiner profits have ranged from as much as $33 per barrel to as low as a loss of $10 per barrel within a two-year period (2007-2008). Overall, the long-term average profit for refining companies in the US is about $6.32 per barrel (15¢ per gallon of product; 42 gallons per barrel).
$5.03 per barrel (Gulf Coast, March 2004)
$12.45 per barrel May 2008
Long term average = $6.32 per barrel • Dec 2008 US = -$6.70 per barrel (loss)
May 2008 (CA) 19¢/gal = $7.98/bbl
May 2007 = $33 per barrel; Nov 2008 = negative (loss) $10/bbl
|In 2003 the four largest U.S. refining companies controlled a little more than 40 percent of the nation’s refining capacity. In contrast, the top four companies in the auto manufacturing, brewing, tobacco, floor coverings and breakfast cereals industries controlled between 80 percent and 90 percent of the market. [Source]|
UPDATE: According to this EIA page, US gasoline consumption in 2004 averaged 382,400,000 gallons per day - meaning we must import almost 66 million gallons of gasoline each and every day, in addition to imported crude oil.
|STATE||Number of Refineries||Capacity, barrels per day, 2005|
|30. West Virginia||1||19,400|
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Gibson Consulting recommends: Read The Prize, by Daniel Yergin.
©1997-2009 Gibson Consulting
Background image of drilling well in Utah in 1981 © 2000 by Dick Gibson