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Energy > Oil refining ability: Countries Compared

Ian Graham, Staff Editor

Author: Ian Graham, Staff Editor

United States President George W. Bush is going to propose building new oil refineries on closed American military bases as one of a group of initiatives to expand the country’s oil refining capacity. The last refinery built in the U.S. was completed in 1976. The cost of construction for a new 150,000 barrel-a-day refinery to process heavy crude is about $2.4 billion.

The president will also propose the extension of an existing tax credit for hybrid and fuel cell vehicles to include fuel-efficient clean diesel vehicles, and call for more international cooperation in the development of energy technologies.

The average price for a gallon of gasoline in the U.S. has reached $2.21, 23 percent higher than a year ago, says the American Automobile Association. At the same time, consumer confidence declined for the third straight month in April and fell to a five-month low.

After a meeting between Bush and Saudi Crown Prince Abdullah at the president’s ranch on April 25, a Saudi spokesman said high gas prices were partly the result of a lack of refining capacity in oil importing nations rather than being solely due to a shortage of supply.

Saudi Arabia is not offering any immediate steps to help relieve high gas prices, other than pledging to boost oil production by 1.5 million barrels a day by the end of the decade. Daily production by OPEC rose 700,000 barrels to 30.4 million this month, with most of the oil coming from Saudi Arabia.

DEFINITION: Crude oil refining capacity.

CONTENTS

# COUNTRY AMOUNT DATE GRAPH
1 Portugal 304,172 barrels per day 2002

Citation

"Countries Compared by Energy > Oil refining ability. International Statistics at NationMaster.com", Energy Information Administration, US Department of Energy. Aggregates compiled by NationMaster. Retrieved from http://www.nationmaster.com/country-info/stats/Energy/Oil-refining-ability

Energy > Oil refining ability: Countries Compared Map

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Interesting observations about Energy > Oil refining ability

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United States President George W. Bush is going to propose building new oil refineries on closed American military bases as one of a group of initiatives to expand the country’s oil refining capacity. The last refinery built in the U.S. was completed in 1976. The cost of construction for a new 150,000 barrel-a-day refinery to process heavy crude is about $2.4 billion.

The president will also propose the extension of an existing tax credit for hybrid and fuel cell vehicles to include fuel-efficient clean diesel vehicles, and call for more international cooperation in the development of energy technologies.

The average price for a gallon of gasoline in the U.S. has reached $2.21, 23 percent higher than a year ago, says the American Automobile Association. At the same time, consumer confidence declined for the third straight month in April and fell to a five-month low.

After a meeting between Bush and Saudi Crown Prince Abdullah at the president’s ranch on April 25, a Saudi spokesman said high gas prices were partly the result of a lack of refining capacity in oil importing nations rather than being solely due to a shortage of supply.

Saudi Arabia is not offering any immediate steps to help relieve high gas prices, other than pledging to boost oil production by 1.5 million barrels a day by the end of the decade. Daily production by OPEC rose 700,000 barrels to 30.4 million this month, with most of the oil coming from Saudi Arabia.

Posted on 27 Apr 2005

Ian Graham, Staff Editor

Ian Graham, Staff Editor

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China intends to increase its oil-refining capacity by 100 million tonnes by 2010 to meet its booming economy’s growing oil consumption.

Last year, a record 273 million tonnes of crude oil was refined in China, an increase of 13.7 percent from a year before. That one-year increase was the largest in 30 years.

The second-largest consumer of crude oil after the United States, China is expected to need 320 million tonnes of oil this year, an 11 percent increase from last year, when it used 288 million tonnes.

China has been a net importer of petroleum products since 1993 and of crude oil since 1996. Foreign producers supply approximately a third of China’s oil demand.

Posted on 31 Mar 2005

Ian Graham, Staff Editor

Ian Graham, Staff Editor

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