Article

2022-06-15 Economy

Chevron CEO says there may not be another oil refinery built in the US

[Fox Business - June 3] Chevron CEO Mike Wirth says he does not expect another oil refinery to be built in the U.S. ever again, pointing to decades of federal government policies as the reason why.

"There hasn’t been a refinery built in this country since the 1970s," Wirth said at Bernstein's Strategic Decisions Conference this week, when asked about the prospect of new capacity being added in the Gulf of Mexico. "I personally don’t believe there will be a new petroleum refinery ever built in this country again."

"Capacity is added by de-bottlenecking existing units by investing in existing refineries," he explained. "But what we’ve seen over the last two years are shutdowns. We’ve seen refineries closed. We’ve seen units come down. We’ve seen refineries being repurposed to become bio refineries. And we live in a world where the policy, the stated policy of the U.S. government is to reduce demand for the products that refiners produce."

The Biden administration has sought to ease the rising prices by releasing a record 180 million barrels from the already-depleated Strategic Petroleum Reserve over six months starting in March, and by urging both foreign and domestic producers to increase output.

Wirth said that is just what the industry is doing. "We raised our Permian [Basin] production growth outlook to 15% this year," he said. "So the narrative you hear that the industry is not growing production is not true. We are growing production and our industry is growing production."

Posted by Bobby 2022-06-15 00:00|| || Front Page|| [11131 views ] Top
File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats

#1 With Putin's military setting up shop in Central America, taking out the US refinery on the Gulf Coast will be Target Numero Uno.

Posted by Black Charlie Slairt1430 2022-06-15 02:35|| 2022-06-15 02:35|| Front Page Top

#2 Time to remove any agency or administrative layer created since 1970 in the national government. Get it off the throats of Americans.

Posted by Procopius2k 2022-06-15 08:22|| 2022-06-15 08:22|| Front Page Top

#3 USA refining capacity was 18M b/day back in 1980s with about 300 refineries and that is about the capacity now with about 120 refineries.

Texas has about 25% of all refineries and about 30% of all refining capacity in the USA

Posted by Lord Garth 2022-06-15 08:44|| 2022-06-15 08:44|| Front Page Top

#4 Something else that can't be done cheaper in orbit because of transport costs.

Posted by M. Murcek 2022-06-15 08:46|| 2022-06-15 08:46|| Front Page Top

#5 70' Oil Shock Bumper Sticker I saw: "Don't like your Refinery? Let a Yankee freeze in the dark!"

Posted by magpie 2022-06-15 12:56|| 2022-06-15 12:56|| Front Page Top

#6 Hasn't been a new refinery start in over 20 years. They can expand existing ones, but don't even try for a new location.

Posted by ed in texas 2022-06-15 17:55|| 2022-06-15 17:55|| Front Page Top

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