Actually you are wrong.
In the last 30 years not one oil company has even attempted to apply for a permit to build a new refinery. In fact they have closed refineries.
At the same time existing refineries have been expanded to a degree.
Additionally with all the mergers in recent years there is very little competition left in the oil industry and there is no push within the industry to build new refineries because it would end up hurting their profits as the refining capacity went up and potentially cause a glut of refined oil products.
You want to know why no new refineries have been built? Look no further than the $40 billion profit by ExxonMobile. They make more money by keeping refiniery capacity tight.
Oh btw refineries are not even working at full capacity right now. They are running at about 85%.
Oil Refiners: Cheap for a Reason - washingtonpost.com
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Quote:
Originally Posted by Finny
I'd knew you'd bring this up..You know how many places in the US no live by the "Not in my back yard" mentality? Almost every single one of them. There have been refineries proposed.. all denied.
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