Why US oil companies are not rushing to build new refineries despite Trump’s push
Washington: President Donald Trump wants US oil companies to produce more gasoline and bring down prices at the pump. But the refiners he is pressing face a problem they cannot easily solve: there is little spare refining capacity to unlock, and building a new refinery would take years and billions of dollars. That leaves Trump with few immediate options as gasoline prices remain elevated. The…
President Donald Trump has urged US oil companies to increase refining capacity to boost fuel supplies and lower gasoline prices. However, the refineries are already operating at extremely high rates, and building new refineries would take years and billions of dollars. Additionally, the price of crude oil is a significant obstacle, as it directly impacts the cost of producing gasoline.
The US-Iran war and disruptions in global refining capacity have made the situation even more challenging. US refiners have responded by increasing exports to help fill supply gaps elsewhere, but this has also meant that some of America's additional refinery output is being sent outside the country.
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