Lets understand why a new refinery hasn’t been built:
Existing refineries have expanded to roughly the same capacity as when there were 301 refineries back in the 1982. Today there are 149, up from a low of 148 a year ago. The 301 refineries back in 1982 had a total capacity of 17.9 million barrels per day. Today the 149 refineries have a capacity of 17.3 million barrels, up from a low of 15 million barrels in 1994. While people in the media LOVE to point out the fact that no new refinery has been built since the 80’s, they NEVER point out that capacity is near the same with HALF the amount of refineries.
Existing refineries have expanded. No new refineries because of huge EPA regulations and the folks that insist “not in my backyard”.
Just a thought.
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