• Applied Chemistry for Engineering
• /
• v.27 no.4
• /
• pp.343-352
• /
• 2016

It has been estimated that the Earth has nearly 1.688 trillion barrels of crude oil, which will last 53.3 years at current extraction rates. The organization of petroleum exporting countries (OPEC) group forecasted that the oil prices will not jump to triple-digit territory within a decade, but it can quickly increase as the political issue for reducing oil production appears. With the potential of serious shortage of conventional hydrocarbon resources, the heavy oil, one of unconventional hydrocarbon resources including oil sand and natural bitumen has attracted worldwide interest. The heavy oil contains heavy hydrocarbon compounds, commonly called as resins and asphaltenes, with long carbon chains more than sixty carbon atoms. The high content of heavier fraction corresponds with the high molecular weight, viscosity, and boiling point. Physicochemical properties of residues from vacuum distillation of conventional oil, referred to as vacuum residues (VR) were similar to those of heavy oil. For the development of heavy oil reserves, reducing the heavy oil viscosity is the most important. In this article, commercially employed aquathermolysis processes and their application to VR upgrading are discussed. VR contains transition metals such as Ni and V, but these metals should be eliminated in advance for further refining. Recent studies on demetallization technologies for VR are also reviewed.

• Environmental and Resource Economics Review
• /
• v.16 no.4
• /
• pp.833-854
• /
• 2007

Output prices tend to respond faster to input price increases than to decreases. The 'rockets and feathers' hypothesis of asymmetric price behavior in petroleum market is tested by a full adjustment error correction model. Using monthly data for the period January 1977 to June 2006, evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to increases and to decreases in crude oil price. A similar hypothesis in regard to the exchange rate is also rejected by the data. Using weekly data over the period examined, evidence of asymmetry for gasoline, diesel and heating oil is also found in the transmission of price changes from wholesale to retail: retail prices increase more quickly in response to the wholesale price increases than to wholesale price decreases.

• Journal of Ocean Engineering and Technology
• /
• v.27 no.2
• /
• pp.59-68
• /
• 2013

Because of the recent increase in maritime cargo capacity, the production and price of crude oil have been rising. As oil prices have risen, many problems have occurred in the industry. To solve these problems, marine resources are being actively developed, and there has been an increase in the orders for special vessels and marine structures for the development of marine resources. However, consequently, various kinds of accidents have also occurred in these special vessels and structures. One of the major types of accidents involves fire and explosion, which cause many casualties and property damage. Therefore, various studies to estimate and prevent such accidents have been carried out. In this study, as basic research for the prevention of fire and explosion, numerical simulations on combustion were carried out by using a commercial grid generation program, Gridgen, and a CFD program, ANSYS-CFX. The influences of some parameters, such as the grid system, turbulence model, turbulent dissipation rate, and so on, on the simulation results were investigated, and optimum ones were chosen. It was found that the present results adopting these parameters agreed moderately well with other experimental and numerical ones.

• Transactions of the Korean Society of Automotive Engineers
• /
• v.15 no.6
• /
• pp.137-143
• /
• 2007

An object of this study is to understand the application characteristics in accordance with changes of EGR rate, applying BD20 reformed by ultrasonic energy irradiation to common-rail diesel engine. BD containing about 10% oxygen has attracted attention due to soaring crude oil prices and environmental pollution. This oxygen decreases soot by promoting combustion, but it also increases NOx. To make up for this problem, an EGR system is applied so that NOx might be decreased. In that case, engine power is lowered and exhaust gas is raised. However, the reformed fuel by ultrasonic energy irradiation is changed physically and chemically, promotes combustion, and thus solves such a problem. As the results of the experimemt, we could identify the optimum EGR rate by investigating the engine performance and the characteristics of exhaust materials in accordance with the EGR rate after ultrasonic energy irradiation to BD20 and applying it to common-rail diesel engine. The optimum EGR rate that can satisfy both engine performance and characteristics of exhaust materials was in the range of 15%.

• Journal of Power System Engineering
• /
• v.22 no.6
• /
• pp.67-73
• /
• 2018

Gasoline that meets the quality standards is distributed in Korea. However, consumers who use toluene or solvent mixed with gasoline have appeared due to rising crude oil prices and for the purpose of tax evasion. Gasoline quality standard is enacted by the domestic and international research reference. A wrong fuel can influence automobile performance or environmental issue. Thus, empirical data from this issue is necessary. Therefore, this research observed catalyst influence by gasoline property change and inspect influence of environment. In this study, fuel property evaluation, lean-burn evaluation, and real vehicle exhaust emission test were performed. In the result of fuel property, the fuel "A" was measured to be up to 27% less octane than the normal gasoline and the distillation property was measured 24% higher than normal gasoline. In the test result of single cylinder engine lean-burn test, the fuels "A" and "B" show torque value 20% less than the normal gasoline. As a result of vehicle test using the catalyst, the fuel "A" was increased more than the normal gasoline with 83% THC, 1,806% CO and 128% NOx, and the fuel "B" was increased more than normal gasoline with 1.6% THC, 391% CO and 142% NOx.

• Environmental and Resource Economics Review
• /
• v.20 no.3
• /
• pp.531-565
• /
• 2011

All previous studies analyzing multivariate time series data of EUA (European Union Allowance) price commonly used endogenous variables within the four variables and included the period from April to June of 2006 in the analysis, when the price distortion occurred. This study uses graph theory and structural vector error correction model (SVECM) to analyze the daily time series data of the EUA (European Union Allowance) price. As endogenous variables, five variables are considered for the analysis, including prices of crude oil, natural gas, electricity and coal in addition to carbon price. Data period is Phase 2 period (April 21, 2008 to March 31, 2010) to avoid the EUA price distortion of Phase 1 period (2005~2007). Further, the monthly data including the economic variables as endogenous variables are analyzed.

• Analyses & Alternatives
• /
• v.5 no.2
• /
• pp.77-105
• /
• 2021

Natural gas consumption in Asia is growing at fast tempo because of various factors such as economic growth in the region, urbanization, coal-to-gas switch at power and industry sector. Due to geographical characteristics and lack of international pipeline connections between countries in the continent, majority of natural gas exported to Asian consumers is transported by tankers on the sea in the form of liquefied natural gas. As Asian market is the most lucrative market with the fastest demand growth, the competitions between LNG sellers for market share in Asian market are strengthening. The competitions accelerated, especially after the introduction of large volume of incremental supply into the market by new exporters from the U.S., Australia, and Russia. Cheniere Energy, the first exporter of liquefied natural gas (LNG) in the lower 48 states of U.S. has not adopted the traditional price formation mechanism and business model. Traditionally, prices of long-term LNG contracts have been indexed to the price of competing fuels, such as crude oil. The company adopted a pricing mechanism and business model based on a cost-plus system. Cheniere Energy opted for the safer and the risk-free pricing system, that annually guarantees a fixed amount of revenue to the seller. The company earns the same amount of money, regardless of natural gas price dynamics in the domestic and international market, but possibly with less revenue. However, by introducing and successfully implementing the safer and risk- free business model, Cheniere Energy, a company of a relatively smaller size in comparison with major oil and gas companies, became an example to other smaller-sized companies in the U.S. The company's business model demonstrated how to enter and operate LNG business amid increasing competitions among sellers in the U.S. and international market.

• Journal of Intelligence and Information Systems
• /
• v.24 no.2
• /
• pp.195-220
• /
• 2018

In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.