Electric vehicles are poised to reduce the demand for gasoline and diesel by 2040. However, demand for oil is projected to continue to increase, driven by heavy-duty vehicles, aviation, and petrochemical demand globally. In this report, we project the future refinery product mix as refiners adjust their production to match these different applications. By highlighting several corporate case studies, we uncover that refinery upgrades and installation of novel technologies tapping crude oil and various refinery waste streams will require billions of dollars in capital investment leading up to 2040.
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