Langwilliams
Well-Known Member
- First Name
- Langley
- Joined
- Dec 31, 2019
- Threads
- 26
- Messages
- 3,204
- Reaction score
- 7,502
- Location
- Lorain, Ohio
- Vehicle(s)
- 2019 Ford Ranger XLT, 2014 Harley Street Glide
- Occupation
- Mail Carrier (retired) Navy Vet
Four smaller refineries have come on line since 2015. The last major refinery opened in 1977. The last major one opened processes 200,000 barrels a day, the newer ones process 25K, 35K, 42.5K, 60K an 84K. Existing refineries have added capacity an efficiency to increase output over time. Those numbers came from the EIA.GOV website.What we really lack right now is refinery capacity. and oil companies don't want to invest in refineries. Investment into the future cuts into Today's profits. and Wall street only cares about today's profits. It is why so many companies are going private.
It's no secret gov policy wants to push the public to electric cars and has raised CAFE standards so with the potential for reduced demand in the future an very strict environmental requirements investing billions in a declining industry doesn't make sense. The CEO of Cevron stated: “How do you go to your board, how do you go to your shareholders and say ‘we’re going to spend billions of dollars on new capacity in a market that is, you know, the policy is taking you in the other direction.”
The gas prices are a public policy choice. Rising gas prices were said to be going through a "incredible transition" by someone we all know.
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