Texaco head forecasts economic outlook, and where he sees the U. S. HPI (hydrocarbon processing industry) going
Bringing inflation under control is a major need if the HPI is to take on new investments, according to J. K. McKinley (Texaco Inc.) at an AIChE engineering construction/contracting meeting (San Antonio, Tex. 1978). U.S. petroleum demand in 1979 is forecast to increase by 2.5-3Vertical Bar3<, as compared with 3.5Vertical Bar3< in 1978 and 5.5Vertical Bar3< in 1977. There is now a surplus of world refining capacity; total usable refining capacity is only 75Vertical Bar3< utilized in Western Europe and in the Caribbean and Latin America. U.S. gasoline demand should decline through the 1980's if mandated economies for automobiles are achieved. In utilities, there will be a major shift to coal and uranium and away from natural gas and oil. In industry, natural gas used for fuel or heat will give way to oil, which in some cases, will give way to coal. An increasing portion of crude supply is being made up of the heavier crudes, and product demand is shifting from heavy to light products. Demand for petrochemical products will grow as the automobile industry and the materials and construction industries move toward greater use of plastics and lesser use of high energy-consuming steel and aluminum.
- Research Organization:
- Texaco Inc.
- OSTI ID:
- 6986403
- Journal Information:
- Hydrocarbon Process.; (United States), Journal Name: Hydrocarbon Process.; (United States) Vol. 57:10; ISSN HYPRA
- Country of Publication:
- United States
- Language:
- English
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ECONOMIC ANALYSIS
ECONOMICS
FORECASTING
FUELS
INDUSTRIAL PLANTS
INDUSTRY
INFLATION
PETROCHEMICALS
PETROLEUM INDUSTRY
PETROLEUM PRODUCTS
PETROLEUM REFINERIES
SUPPLY AND DEMAND