HPI major events and trends, 1920s to present
1920s: THE FORMATION OF THE MODERN HPIDuring this period, a new industry was evolving focused on the refining of crude oil into fuels and other products. New demand for crude oil-based products, such ..
1920s: THE FORMATION OF THE MODERN HPI
During this period, a new industry was evolving focused on the refining of crude oil into fuels and other products. New demand for crude oil-based products, such as kerosine for lighting purposes and gasoline for transportation, spurred the advancement of the early hydrocarbon processing industry (HPI). While still in their infancy, startup refining groups discovered new methods throughout the 1920s to efficiently transform crude oil into refined products.
The early refining industry struggled to move crude oil and refined products to consumer markets. High government taxes and railroad freight rates complicated the profitability of this industry.
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