chemical · input

Hydrogen (refinery-grade)

High-purity hydrogen used in hydrotreating, hydrocracking, and reforming units across the refinery. Most US refineries produce hydrogen on-site via steam methane reforming (SMR) of natural gas. The 2006 Motiva Port Arthur SMR failure that cut 40% of refinery hydrogen output for weeks illustrates the vulnerability of on-site production.

Source countries

Companies

Goods affected

Claims on record

What depends on it

Goods that need this input

2 essential American goods rely on hydrogen (refinery-grade) somewhere upstream in their supply chain.

Energy

Home heating oil

Fuel oil for residential furnaces, primarily in the U.S. Northeast.

Energy

Gasoline and diesel

Retail gasoline and diesel fuel for personal vehicles and freight.

Where it comes from

Source countries

Share of global supply, by country.

Country	Share of supply
USUnited States	90%
CACanada	5%

Who makes it

Supplier companies

3 companies produce hydrogen (refinery-grade).

Air Products and Chemicals, Inc.(APD)

HQ US40% share

Air Products and Chemicals (NYSE: APD; Allentown, PA; ~$12B revenue) licenses the APCI (Air Products and Chemicals, Inc.) natural gas liquefaction process technology used in many small- and mid-scale LNG liquefaction trains worldwide, including utility peak-shaving plants. The APCI propane pre-cooled mixed refrigerant (C3MR) process dominates large baseload LNG export trains globally (used in >90% of world's baseload LNG capacity), but Air Products also licenses adapted cycles for smaller peak-shaving applications. Air Products competes with Linde Engineering for small-scale liquefaction process technology licensing. Air Products is also the world's largest industrial gas producer, supplying nitrogen and other gases used in LNG facility construction and purging.

Linde plc(LIN)

HQ IE35% share

Linde plc (NYSE/FWB: LIN; HQ Dublin, Ireland; operational HQ Guildford UK; ~$32B revenue 2023) is the world's largest industrial gas company. Linde owns and operates one of the two largest liquid oxygen cryogenic tanker fleets globally — thousands of vacuum-insulated trailers delivering LOX to hospitals, steel mills, chemical plants, and semiconductor fabs in 80+ countries. Linde does not primarily manufacture its own tankers (purchases from Chart Industries and other OEMs) but specifies custom vacuum-insulated designs for its fleet. Linde's medical oxygen business (hospital LOX supply) is the dominant fleet use case. Linde also supplies liquid oxygen rocket propellant to aerospace customers including NASA and commercial launch operators.

Air Liquide S.A.

HQ FR20% share

French industrial gas company (Euronext: AI); operates nearly 2,000 miles of industrial gas pipelines along the U.S. Gulf Coast supplying oxygen, nitrogen, and hydrogen. La Porte, Texas hydrogen facility serves Gulf Coast refiners. $50M investment announced October 2025 to expand Gulf Coast hydrogen distribution after new refinery supply deals. Also building new U.S. ultra-pure gas facility (including neon for semiconductors). Partner in HyVelocity Hub (DOE-funded $1.2B Gulf Coast hydrogen hub, launched November 2024).

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