Hillsdale college has produced a free economics course, economics 101. A musthave text for process engineers, refinery schedulers, planners, and managers. The book covers important topics, such as clean fuels, gasification, biofuels, and. Estimating the economic impacts of any regulation on the petroleum refining industry. Course eavreo economic optimization of refining operations. Principles of economics, available online today, is openstax colleges first book for an introductory course with an annual u.
The primary focus will be on how markets, technology, finance and regulations impact the refining business profitability. Midstream business characteristics midstream participants. It is an excellent book because it considers all economic aspects of the petroleum industry. In the early days of the petroleum refining industry, simple distillations were used to produce desired gasoline and kerosene products, with up to so percent of the crude oil feedstock being discarded. Mar 20, 2014 with its latest free textbook, rice universitybased openstax college is going where no openeducation publisher has gone before. The refinery economics course is a comprehensive overview of the fundamentals of the oil refining business.
Economics 101 cuts out the boring explanations, and instead provides a handson lesson that keeps you engaged as you explore how societies allocate their resources for maximum benefit. Oil and gas production handbook an introduction to oil. Refinery utilization rates and environmental considerations also influence refinery economics. A crash course in the study of production and consumption. Considered to be a growing field, urban economics concentrates on the crossover areas between real estate or land use and legal tender. William lefflers petroleum refining in nontechnical language, fourth edition is designed to give the reader an overview of key refining topics by using relevant analogies, easytounderstand graphs, formulas, and illustrations. The principles of free market economics, which can easily serve as a onesemester economics course for high schoolers with some supplementation. The course includes a final exam and a certificate of completion for those who pass, although no college credit is awarded. Walters 1978, a standard microeconomic theory textbook, for a discussion. This book describes the petroleum industry, in easytounderstand language. Refineries process crude oils, which have different types of hydrocarbons with carbon chains of different lengths, into a broad range of refined products. Feb 17, 2015 contents preface iii 1 introduction 1 1. Even economists love to hate basic economics lately. With its latest free textbook, rice universitybased openstax college is going where no openeducation publisher has gone before.
If sec value is lower than the capitalized costs, a writedown is required. If youre looking for a book on refinery planning, scheduling, oil accounting, economics forget it. The refinery also manufactures heavy fuel oils, liquefied petroleum gas, and asphalt. Expand kent distillation by 34 mbpsd on cdu 101 and 50 mbpsd on. Petroleum engineering in nontechnical language by norman hyne 5. Maples presents an organized look at the yield data and properties of products from refinery processes and how to use this information in performing process economics studies of various types. A refinerys configuration and performance characteristics are determined primarily by the refinerys location, vintage, availability of funds for. Purchase fundamentals of petroleum refining 1st edition. This midstream module includes the following sections use the links below for quick access. The economics of a refinery depend upon the mix of crudes processed crude slate, the complexity of the refinery processing units, and the desired output mix. The refining process separates, breaks, reshapes and recombines the molecules of crude oil into valueadded products such as gasoline, diesel and aviation fuel.
Buy petroleum refining in nontechnical language 4 by william leffler isbn. Oil 101 an introduction to oil and gas elearning course. Further, operating and capital costs are discussed for economic evaluation of both single processes and complete. Too often, textbooks turn the noteworthy details of economics into tedious discourse that would put even joseph stiglitz to sleep. Found only in this volume is material on operating a. Fundamentals refinery economics overview course overview course number. Refinery planning applications are then discussed in detail. Access study documents, get answers to your study questions, and connect with real tutors for econ 101. Originally built in 1955 as a shell oil refinery the tesoro anacortes, washington, refinery is located about 70 miles north of seattle. Oil 101 a free introduction to the oil and gas industry i this first of 10 modules, we introduce the learner to some key fundamentals of the upstream segment of the. From quantitative easing to marginal utility, this primer is packed with hundreds of entertaining tidbits and concepts that you wont be able to get anywhere else.
The first oil refinery unit is crude oil desalting. Written by experts with both academic and professional experience in refinery operation, design, and evaluation, petroleum refining technology and economics, fifth edition is an essential textbook for students and a vital resource for engineers. People are the most importantly resource in a refinery. Economics 101 cuts out the boring explanations, and instead provides a handson lesson. Introduction to oil and gas midstream what is midstream. Using more expensive crude oil lighter, sweeter requires less refinery upgrading but supplies of light, sweet crude oil are decreasing and the differential between heavier and more sour crudes is increasing. Marginal refineries will typically be near breakeven economics.
Going beyond the simple ideas of land placement and utilities, urban economics takes into account such city issues as crime, education, public transit, housing, and local government finance. Adding new capacity or complexity to an existing refinery is also expensive. This book was written with the intention of being an indepth, easy to. This facility supplies primarily gasoline, jet fuel, and diesel to regional markets in washington and oregon. Due to the increase in demand of crude oil in southeast asia, there was an. An introduction to petroleum technology, economics, and politics. Fuels refining is an integral component of canadas oil and gas value chain.
You can use the book in whichever formats you want. Learn more of gasoline and diesel blending attending our training courses. Found only in this volume is material on operating a jointly owned and operated refinery. But do you really know how our nations economy works or how it affects your pocketbook. Refinery planning and economics this session will begin with an overview of refinery economics modeling which involves the linear programming technique. Environmental protection agency program helping organizations and individuals fight climate change through superior energy efficiency. Sep 29, 2003 besides covering topics like catalytic cracking, hydrocracking, and alkylation, this volume has chapters on waste water treatment and the economics of managing or commissioning the design of a petroleum refinery. This latest edition of a bestselling text provides updated data and addresses changes in refinery. Besides covering topics like catalytic cracking, hydrocracking, and alkylation, this volume has chapters on waste water treatment and the economics of managing or commissioning the design of a petroleum refinery. Strategies for achieving optimal gasoline blending by.
It is easy to be cynical about economics, which can be imperial and condescending and irritating in its tendency to look for the lost keys under the streetlight. After the refinery is built, it is expensive to operate. An additional factor in refining economics is crude oil sulfur content, defined. In recent years, this industry has made a great deal of effort to increase the yield of high octane products, minimize waste, and im. This two day course will offer participants a brief introduction to petroleum refining economics. The economics of petroleum refining canadian fuels association. Buy petroleum refining technology and economics 5 by mark j. An average refinery would follow what is known as the 321 crack spread. American petroleum institute, basic petroleum data book. However i wish it could be updated by the authors or other scholars interested in petroleum industries. Shale oil, gas, oil and gas, consumer economics, oil refinery, oil and gas industry. We are now using a free internetbased textbook although you can order a print version at low cost.
Dec 04, 2015 oil 101 a free introduction to the oil and gas industry i this first of 10 modules, we introduce the learner to some key fundamentals of the upstream segment of the oil and gas industry. Oil 101 explains the nuts and bolts of the oil business, from its composition on a molecular level, to an analysis ofmarket players. Eia petroleum refineries proposed amendments to the. Refinery economics is a subject about which there are many questions. Youll learn how refineries make money, and what affects their profitability. Each refinery has a unique physical configuration, as well as unique operating characteristics and economics. Introduction to refinery economics is an online training course that provides an overview of the economics of refining.
The subject of this paper is not just refinery economics transportation research record 999 9. In planning the refinerys daytoday operation, these blending techniques. In the refining industry, the density of an oil is usually expressed in terms of api gravity, a parameter whose units are degrees o api e. Basic petroleum economics mai 2004 ppm 2nd workshop of the china case study 2 investment decisions investment decisions are among the most important decisions that a companygovernment can take capital intensive irreversible high riskuncertainty. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Written for a broad audience of laymen and students, the mises daily features a wide variety of topics including everything from the history of the state, to international trade, to drug prohibition, and business cycles. The supply and demand for crude oil and petroleum products are key factor in determining the status of the world economy. Case studies and exercises derived from present refinery situations. A textbook example was the significant price differential. The modern petroleum refinery has a series of core process units that create clean gasoline and low sulfur diesel fuel. This book is about the technical side of turning crude into saleable products and how the processes have evolved to produce more and more petrolgasoline from a barrel of crude.
Successful completion of econ 101 serves as a prerequisite for many other economics courses, including econ 102. This is why companies using the fc method utilize large cost centers. Many people who work in the oil and petrochemical industries are active in fields. This two day course is intended to offer participants a brief introduction into petroleum refining economics. Following, he was with kerr mcgee refining corporation as an operations manager and a refinery manager at their plant in wynnewood, oklahoma. The mises daily articles are short and relevant and written from the perspective of an unfettered free market and austrian economics. That surprised me at first because theres no obvious reason why it would be more popular than the others. Fundamentals of petroleum refining 1st edition elsevier. This midstream content is derived from our oil 101 midstream ebook and can be found in our oil and gas learning community. Petroleum refining 101 course january 2020 in denver euci. Gasoline blending course refinery automation institute, llc.
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