Implementation of Basic Principles of Econometric Analysis in Petroleum Technology: A Review of the Econometric Evidence

Abstract

In the present study we give the opportunity to understand the physicochemical parameters of distilling petroleum products applying the basic principles of econometric analysis. The quality of the different fuels is expressed by a series of physical, chemical or other characteristics. The connection between production process and quality of fuel is crucial in the field of petroleum technology. It is remarkable that the used method of the regression analysis perfectly illustrates the relationships between the variables in all applied models. Econometrics is one the best methods to study the variation of the physicochemical properties of the oil. The use of econometrics methods in petroleum chemistry turned out to be useful tool in order to prove that there is indeed strong rates volatility and correlation between physicochemical properties of oils with their mixes. In Petroleum Industry the most common types of Diesel fuels are the biodiesel, biomass to liquid or gas to liquid Diesel. The results of our research can be an important tool for the development of software that can anticipate changes of physicochemical properties of petroleum distillate products, taking into account specific parameters.