From 2013 to 2023, the expenses for petroleum refineries in Canada showed significant fluctuations. The highest expense happened in 2014 with 71.764 billion Canadian dollars, but it then sharply fell to 48.02 billion in 2015. The trend continued downward till 2016, and experienced a minor rebound in 2017 and 2018. Post-2018, expenses varied, leading to 49.156 billion Canadian dollars in 2023, showing a progressive decline toward the end of the decade. The Compound Annual Growth Rate (CAGR) between 2018 and 2023 was around -4.34%.
Key variations:
- 2013-2014: slight increase of 0.24%
- 2014-2015: significant drop of 33.09%
- 2022-2023: small decline of 1.64%
Future trends indicate a continued decrease in expenses, with forecasts showing a CAGR of -7.96% from 2024 to 2028, which implies a reduction of 33.96% by 2028. It’s crucial to monitor global energy policies, advancements in alternative energy, and regulatory changes impacting the industry as they will extensively influence these projections.
