Why are there no new Oil Refineries built lately when price of Oil today is higher than it was 50 years ago?
In: 196
Existing ones have expanded quite a bit. US has been a net exporter for a lot of oil products and gas for a few years now.
>In 2020, the United States became a net exporter of petroleum for the first time since at least 1949.1 In 2022, total petroleum exports were about 9.52 million barrels per day (b/d) and total petroleum imports were about 8.33 million b/d, making the United States an annual net total petroleum exporter for the third year in a row. Total petroleum net exports were about 1.19 million b/d in 2022.
https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php#:~:text=In%202022%2C%20total%20petroleum%20exports,million%20b%2Fd%20in%202022.
Latest Answers