LOS ANGELES — The petroleum refining industry has accelerated its processing of crude oil over the five years to 2012 and revenue is expected to grow an average of 2.8% annually during the period, according to a new report from industry research firm IBISWorld.
The report found that increases in the price of crude have powered revenue growth as refiners passed costs down the distribution line.
“Firming global growth and ongoing Middle East tensions have pushed up the price of oil from the lows of the recession,” said IBISWorld industry analyst Josh McBee. “Robust demand from emerging economies has supported crude oil exports, as Asian and Latin American countries require more energy to build up infrastructure.”
Crude oil price growth is expected to continue to spill over from 2011 into 2012, boosting revenue an anticipated 2.2% to an estimated $725.1 billion, according to the report.