• How much profit do refineries make in a year?
  • The five refineries make approximately $2 billion in profit per year. They paid between 12 and 16 percent of that in taxes from 2017-2019. Roughly half of refinery taxes go toward mitigation of industry-caused environmental harms, primarily via the Hazardous Substance Tax and the Oil Spill Tax.
  • Are refineries still a good investment?
  • For a few bold investors, refineries can still be a strategic investment generating short-term profits while providing opportunities for securing green assets in the long term. With the world still relying heavily on crude oil refining for fuel supplies, the next decade will likely see continued profits in this sector.
  • Are petrochemical refineries profitable?
  • Refineries that produce mostly petrochemicals are likely to be among the most consistently profitable in the long run. In fact, refineries that produce only petrochemicals are clearly on the horizon.
  • How much do Puget Sound oil refineries make a year?
  • The five Puget Sound oil refineries make approximately $2 billion in profit per year. They paid between 12 and 16 percent of that in taxes from 2017¨C2019.
  • How many American refineries have closed since 1981?
  • Despite the country¡¯s strong appetite for petroleum, more than half of American refineries have closed since 1981. As less efficient refineries ceased operation, larger and more efficient ones have taken up the slack. Today, the United States is refining about 5 percent more crude oil ¨C about 18 million barrels per day¨C than it did 30 years ago.
  • How many jobs does the oil refining industry support?
  • The oil refining industry in Washington supports about 25,000 jobs. This will be discussed in detail in the next chapter focusing on labor.