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| 1 |
ID:
168315
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| Summary/Abstract |
This paper uses a confidential refinery-level dataset to estimate how unexpected changes in the costs of the Renewable Fuel Standard (RFS) affected US oil refinery prices and production decisions for regulated and non-regulated products between 2012 and 2014. The RFS mandates blending of biofuels with conventional gasoline and diesel. Each gallon of biofuel blended with conventional fuel generates a renewable fuel credit (RIN). Refineries comply with the RFS by purchasing RINs from blenders and retiring them with the EPA. I find that RIN costs were fully passed through to wholesale gasoline and diesel prices on average, consistent with previous literature and a necessary condition to ensure the effectiveness of the RFS. Furthermore, I estimate full pass-through in all regions of the US, with the exception of the Eastern Seaboard. I also find that RIN cost increases are associated with higher jet fuel production, a non-regulated product, and with decreased jet fuel prices. Finally, I corroborate previous findings by showing that refinery specific input cost shocks are not fully passed-through to wholesale output prices. These results, combined with other estimates in the literature, suggest that on average the RFS is functioning efficiently and that the wholesale petroleum market is highly competitive.
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| 2 |
ID:
096716
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| Publication |
2010.
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| Summary/Abstract |
Our objective in this paper is to quantify the impact of petroleum industry consolidation on refined product prices, controlling for other important factors that could also impact prices. Our empirical analysis focuses on the US petroleum refining industry using data on industry consolidation and wholesale gasoline prices collected over the interval 2000-2008. We match refinery units to wholesale city-terminal gasoline markets, and then estimate pooled cross-section time-series regressions to quantify the impact of petroleum industry consolidation on wholesale gasoline prices at city-specific terminals. The results of the empirical analysis of mergers are mixed, showing that some petroleum industry mergers resulted in statistically significant increases in refined product prices; others resulted in statistically significant declines and still others had no statistical impact at all. Our analysis of the effects of measures of market concentration-one at the level of city-specific wholesale terminals and another at the level of regional spot markets-found evidence that less concentrated markets are associated with lower price levels.
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| 3 |
ID:
097509
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| Publication |
2010.
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| Summary/Abstract |
Our objective in this paper is to quantify the impact of petroleum industry consolidation on refined product prices, controlling for other important factors that could also impact prices. Our empirical analysis focuses on the US petroleum refining industry using data on industry consolidation and wholesale gasoline prices collected over the interval 2000-2008. We match refinery units to wholesale city-terminal gasoline markets, and then estimate pooled cross-section time-series regressions to quantify the impact of petroleum industry consolidation on wholesale gasoline prices at city-specific terminals. The results of the empirical analysis of mergers are mixed, showing that some petroleum industry mergers resulted in statistically significant increases in refined product prices; others resulted in statistically significant declines and still others had no statistical impact at all. Our analysis of the effects of measures of market concentration-one at the level of city-specific wholesale terminals and another at the level of regional spot markets-found evidence that less concentrated markets are associated with lower price levels.
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| 4 |
ID:
094881
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| Publication |
2010.
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| Summary/Abstract |
The oil refining industry in China has faced rapid growth in oil imports of increasingly sour grades of crude with which to satisfy growing domestic demand for a slate of lighter and cleaner finished products sold at subsidized prices. At the same time, the world petroleum refining industry has been moving from one that serves primarily local and regional markets to one that serves global markets for finished products, as world refining capacity utilization has increased. Globally, refined product markets are likely to experience continued globalization until refining investments significantly expand capacity in key demand regions. We survey the oil refining industry in China in the context of the world market for heterogeneous crude oils and growing world trade in refined petroleum products.
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