Why Trump’s effort to build more refineries won’t lower gas prices
” Refining capacity that is limited worldwide, rather than just in the United States, is a major reason for the spike in fuel prices this year, even more so than the Iran war cutting off crude oil shipments in the Strait of Hormuz.
Even when oil companies such as Marathon and Phillips 66 invest their windfall profits back into their business, “most of their capital expenditures over the past few years have been in midstream (such as pipelines), not on the refining side.
And even if a building boom were to start tomorrow, it would take years to produce the gasoline and diesel needed to alleviate current prices.
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