Refining Margins and Production Costs of U.S. Majors, 1990-1998

(1998 dollars per barrel)

	1990	1991	1992	1993	1994	1995	1996	1997	1998
	1990	1991	1992	1993	1994	1995	1996	1997	All	Incumbent	Entrant
Petroleum Product Gross Refining Margin	8.71	8.28	7.82	7.50	6.40	5.80	6.68	6.85	6.10	6.42	5.67
- Petroleum Product Marketing Costs	2.48	2.82	3.07	2.41	1.93	1.83	1.87	1.78	1.41	1.68	1.04
- Petroleum Product Energy Costs	1.38	1.36	1.28	1.30	1.03	0.86	1.10	1.04	0.73	0.75	0.70
- Petroleum Product Other Operating Costs	3.43	3.24	3.04	3.01	2.68	2.59	2.81	2.54	2.39	2.47	2.28
= Petroleum Product Net Refining Margin	1.43	0.86	0.43	0.79	0.77	0.51	0.90	1.49	1.58	1.53	1.65

Refined Product Sales (thousand barrels/day)	13,222	13,015	13,089	13,178	13,455	13,641	14,024	13,294	20,061	11,587	8,475

GDP deflator	83.3	86.6	89.0	91.3	93.5	95.9	98.0	100.0	101.2

Source: Costs, margins, and sales: Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration, Form EIA-28, "Financial Reporting System." GDP deflator: Department of Commerce, Bureau of Economic Analysis

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