Refineries

As the demand for gasoline increased over the years no new refineries were built because of environmental concerns and the output of existing refineries was increased by adding on capacity. Recently a new refinery was built in North Dakota after years of battling environmental concerns it took the ND Supreme Court to clear the way so they can start production in 2024. At least eight refineries have either closed altogether or converted capacity to manufacturing renewable fuels since 2019, taking around 1.1 million barrels per day of refining capacity offline and driving the current supply-demand imbalance in fuel markets. Chevron (NYSE:CVX) CEO Mike Wirth said Friday that he does not expect another oil refinery will be built in the U.S. ever again, due to decades of federal government policies. Many of the programs in the newly passed infrastructure bill will likely encounter the same difficulties as they try to build