NPRA releases 2008 refining, storage capacity report
US refiners have continued to add capacity despite soaring oil prices and shrinking margins, NPRA said as it release its annual refining and storage capacity report.
WASHINGTON, DC, Aug. 20 -- US refiners have continued to add capacity despite soaring oil prices and shrinking margins, the National Petrochemical & Refiners Association said as it release its annual refining and storage capacity report.
Domestic refining capacity increased 0.86% during 2007, 4.1% over the last 5 years and 8.2% over the last 9 years, NPRA said, citing data compiled by the US Energy Information Administration. "Refiners have continued to increase capacity to help meet consumer demand for a reliable supply of fuels and other petroleum-based products," NPRA Pres. Charles T. Drevna said.
The report indicated that as of Jan. 1, there were 149 operable US refineries, excluding Puerto Rico and the Virgin Islands, with a total crude distillation capacity of 17.6 million b/cd and 18.6 million b/sd.
"To continue to meet consumer demand, we must be assured of an adequate, affordable supply of crude oil, and that means expanding domestic exploration and production," Drevna said. "The American public overwhelmingly supports domestic production given the great strides the oil and gas community has made over the last several decades in the way of cleaner, safer technologies," he said.
"Ours is a modern, innovative industry prepared to meet tomorrow's challenges, and policymakers should understand the implications for the consumer in restricting domestic production and singling out American energy producers for punitive, counterproductive tax measures that would only benefit state-owned oil conglomerates abroad," Drevna said.
Contact Nick Snow at firstname.lastname@example.org.