Hot Air: Oil industry agrees. Refineries likely not coming back online under current conditions
President Joe Biden and his allies have continued to badger the American oil and gas industry to produce more gasoline in an effort to bring down prices ahead of the midterm elections. At the same time, they have been hurling accusations of “corporate greed” at major industry players and attempting to claim that the high prices are all the fault of the producers. As we’ve discussed here repeatedly, however, those allegations and characterizations of the industry are demonstrably false. What we’re dealing with is a lack of refinery capacity. The United States currently has the lowest number of functioning refineries capable of producing gasoline, diesel, and jet fuel that we’ve seen since 2016, largely as a result of government policies. Industry analyst S&P Global Commodity Insights reports this week that our existing refineries are running at or very near maximum capacity, and the odds of any of the shuttered refineries coming back online are slim to none.
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WNU Editor: When you have the US President and Congress openly saying that their goal is to have the US economy transition out of fossil fuels, no sensible person is going to invest their money in an industry that the government wants to be out of business.
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