However, in view of its present high price, rhenium (used in highly fuel-efficient aircraft engines) is now recovered from scrap bimetallic catalysts used in the oil refining industry.

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"In the 50s the oil refining industry came, and now there we are in the 21st century at the start of a new era of natural gas import and processing, " he commented.

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Oil companies have the ability to increase refining capacity, and industry executives are often reluctant to admit that speculation in oil commodities is part of the problem.

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The European petrochemical industry, which is based on oil refining, will experience a very slight headwind, at most.

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The oil and gas industry, especially in its extracting and refining, is heavily involved in U.S. manufacturing.

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ConocoPhillips is the third largest oil company in the U.S. It operates in all sectors of the oil and natural gas industry such as exploration and production, midstream, refining and marketing, and petrochemicals.

FORBES: Connect