Chevron CEO says there may never be another oil refinery built in the U.S.
Breck Dumas - Yesterday 4:21 PM
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.
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"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."
Wirth went on to list examples such as the Corporate Average Fuel Economy (CAFE) standards for fuel efficiency in vehicles that Congress first enacted in the 70s, the Renewable Fuel Standard created in 2005 requiring a certain amount of biofuels like Ethanol to replace petroleum-based fuels, and electric vehicle tax subsidies.
https://www.msn.com/en-us/money/markets/chevron-ceo-says-there-may-never-be-another-oil-refinery-built-in-the-u-s/ar-AAY3vcd?ocid=msedgntp&cvid=847f2b2d6ae34377b7ec0f2616ea2464
