Abstract
The article evaluates the European Union-United States oil and petroleum-based fuels trade potential. The planned trade structure and balance according to IEA (International Energy Agency) and IHS (IHS CERA www.ihs.com)) scenarios, the projected volume of imports and exports, and differences in price levels and costs are presented. The projected potential of the trade volume, taking into account the possible impact of the Transatlantic Trade and Investment Partnership (TTIP), is also presented. The analysis has shown that the elimination of trade barriers between the European Union and the United States would be more beneficial to US refineries. Due to the higher import tariffs to the EU, the potential benefits of US exporters are higher than those of the EU exporters to the US. This confirms the fears of European negotiators that some aspects of the agreement will have a negative impact on European businesses. However, in the case of petroleum products the TTIP agreement will have a negligible impact on increasing the export volume.
Highlights
The chemical composition of oil is variable depending on extraction site
It is clear that the elimination of trade barriers between the European Union and the United States would be more beneficial to US refineries Due to the higher import tariffs to the EU, the potential benefits of US exporters are higher than those of the EU exporters to the US
The low volume of medium sour crude oil and sour crude oil offered by the United States does not have a major impact on petrochemical plants in Poland
Summary
There is a whole range of types of crude oil, while the most common classification of oils is based on two dimensions [1]: The density determining the proportions between light (more valuable) and heavy (less valuable) hydrocarbons in crude oil, measured by the API gravity. API Gravity is a specific scale developed by the American Petroleum Institute (API) for measuring the density of different types of oil: o Light crude oil – API higher than 33o, o Medium oil – API between 22o and 33o, o Heavy oil – API below 22o. Conversion of almost every lighter and sweeter oil to heavier and sourer (sulfated) oil is technically possible. This raises the question whether such conversions are economically justified. The permissible sulfur content in diesel fuel in the United States and in the EU is 15 and 10 ppm, respectively
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