A process is described for the catalytic cracking of a hydrocarbon feedstream involving the use of an acid catalyst comprising a catalytic component selected from the group consisting of oxides of tungsten, niobium and mixtures thereof and tungsten or niobium oxides in combination with one or more additional metal oxides selected from the group consisting of tantalum oxide, hafnium oxide, chromium oxide, titanium oxide and zirconium oxide on supports, wherein (1) the feedstream is catalytically cracked by being contacted with said catalyst at a temperature and for a time (optionally, in combination with H.sub.2 O), sufficient to crack the hydrocarbon yielding a cracked product and a deactivated catalyst and (2) subjecting the deactivated catalyst to gasification conditions consisting of (A) partial oxidative combustion to produce a low BTU gas rich in CO or, (B) the addition of steam to produce a gas rich in H.sub.2, or both, with the recirculation of the decoked catalyst back to the first step.