The Oil companies didn't need to open new refiniries, new technology has allowed them to refine much more product at existing refineries, they have actually been closing refineries down. No one wants to build new refinerys because nthat would leave hem with excess capacity. If demand exceeds supply, they make more money by raising prices rather than by building new plants for which the demand might dry up.
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Originally Posted by Brucelee
Despite more money being made by the industry than has ever been made not a single new refinery has gone up in a loooong time.
This issue has been beaten to death. The are some new refineries now in process but you can blame the greenies and their ilk for pastlack of new plant building . Soft costs and delays in construction have mounted as of course, NO ONE wants a refinery anywhere near where THEY live. The Greenies would rather have biofuel plants built and will oppose anything not on their agenda, prices be damned.
Moreover, the oil industry has consistently lagged the ROI for companies overall, so if they are such masters at generating returns, they are hiding it quite well.
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