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Tootoo.Com Reviews Increased Profits in Oil Refining Industry

Posted on: Friday, 22 August 2008, 12:00 CDT

BEIJING, Aug. 22 /Xinhua-PRNewswire/ -- A recent analysis of the oil refining industry shows that the increased crude oil production rate amplitude has reached about 5% this year and the export volume is still increasing. Experts forecast that the increased amplitude will reach about 27% from August to December but the rate of increase will be decline. The annual profit of the oil refining industry ( http://news.tootoo.com/Minerals/Non-Metallic_Mineral_Products/ ) will reach 6% due to its relationship with the increasing price of oil products.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080605/CNTH022LOGO )

According to statistical data, the total output value is more than RMB613 billion, and increases about 38.8%. It is also the highest increase this year. The report also shows that the main problems within the industry are the increasing price of crude oil ( http://www.tootoo.com/w-Minerals_Metals_Materials/ ) on the international market. The average price of WTI crude oil is $137.62 per barrel, increasing about 90.83%. The price of petroleum and chemical products is still increasing because of the high cost. Mineral information in Tootoo.com ( http://www.tootoo.com/ ) demonstrates that the global economic situations will change a lot in the near future. The depreciation of the dollar, the raising price of petroleum ( http://www.tootoo.com/buy-petroleum/ ) and food force the world to face greater pressures from currency inflation. There are lots of disadvantages in China, such as the pressure of currency inflation, the difficulty in transporting coal, electricity and oil, the increasing disadvantages on the development of agriculture and farmers' increasing incomes. All will have a negative impact on the development of petroleum and the chemical industry. Though the stock increases, the price of chemical fertilizers is still rising because of the high price of crude oil and increasing costs of raw materials. The newest report of DOE (USA) demonstrates that the international price of crude oil has to face lots of uncertainty but price will fall back to $70 in 2015. This will be good for the stable development of both the global and Chinese economy. However, some energy experts think the price of crude oil has the possibility to rebound.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080605/CNTH022LOGOPRN Photo Desk, +1-888-776-6555 or +1-212-782-2840

Tootoo.com

CONTACT: Tootoo.com, +86-10-9510-5561, or fax, +86-10-6584-9900, orservice@tootoo.com

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Source: PRNewswire

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