The refining and petrochemical industries have been required to continuously innovate to overcome numerous challenges. One of these challenges is responding to volatile feedstock and product prices. Crude oil prices have ranged from $140/bbl in August 2008— just before the price collapse due to the economic crisis—to $40/bbl. Prices then recovered and stabilized at around $110/bbl for two years, before falling
again to just above $30/bbl in early 2016.