January 2021

Columns

Editorial Comment: Will 2021 be a rebound year?

Needless to say, 2020 was an unprecedented year.

Nichols, Lee, Hydrocarbon Processing Staff

Needless to say, 2020 was an unprecedented year. The global pandemic had, and continues to have, detrimental effects on the global HPI. Global lockdowns and travel restrictions had severe, negative impacts on refined fuels and petrochemical product demand. This led to the following consequences: a significant decline in global GDP, decreased refinery utilization rates, shuttered refining and petrochemical production capacity, delayed final investment decisions (FIDs) on capital projects, deferred maintenance activity, work stoppages on capital projects, rethinking major capital investments and a spike in personnel layoffs. Fuel demand In the U.S. EIA’s “Short-Term Energy Outlook” (December

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