The U.S. petroleum refining industry -- the largest refining
industry in the world -- experienced a period of high product
prices and industry profits from the early 2000s through about
2007. Since the recession of 2007 to 2009, the industry has been in
transition. Federal and state agencies regulate petroleum refining
and the use of petroleum products to protect human health and the
environment, as well as for other purposes. EPA, DOT, and
California strengthened five key regulations, including EPA and
DOT's coordinated fuel economy and GHG vehicle emission standards,
and EPA's RFS, which has required that refiners and others ensure
transportation fuels include increasing amounts of renewable fuels
such as ethanol produced from corn. This book examines major
changes that have recently affected the industry and the future of
the industry.
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