Shale oil boom and the profitability of US petroleum refiners
| Autor: | W. D. Walls, Xiaoli Zheng |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Economics and Econometrics
Shale oil extraction Crack spread 020209 energy 05 social sciences Oil refinery 02 engineering and technology Oil-storage trade Boom Agricultural economics chemistry.chemical_compound General Energy chemistry Shale oil 0502 economics and business 0202 electrical engineering electronic engineering information engineering Economics Petroleum Profitability index 050202 agricultural economics & policy health care economics and organizations |
| Zdroj: | OPEC Energy Review. 40:337-353 |
| ISSN: | 1753-0229 |
| Popis: | This article provides a quantitative analysis of how the recent boom in US oil production—largely a result of shale oil production—has impacted the domestic petroleum refining industry. We quantify how domestic crude prices are related to refiners’ financial performance. The estimates suggest that since 2011 independent refiners’ profitability rose by 3 per cent for a domestic crude oil price decrease of 1 per cent, while they were not associated with domestic crude prices before 2011. The relation between refinery profitability and domestic oil prices is consistent with the results of pass-through of relative domestic crude prices to relative refined product prices in the United States before and since the dramatic rise in shale oil production. |
| Databáze: | OpenAIRE |
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