Middle East Economic Survey

VOL. XLVII

No 35

30-August-2004

SUPPLY/DEMAND

PIRINC Assesses Need For Fresh Investment In US Refining Capacity

The moratorium on new refinery construction in the US since 1976 has resulted in national dependence on a refining sector that is running at an average utilization rate of 96% in the summer of 2004, a level that provides little flexibility to manage unexpected outages. Increased competition for foreign sources of refined petroleum products means that the...