Why are there no new Oil Refineries built lately when price of Oil today is higher than it was 50 years ago?
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Why would a company invest billions of dollars in building something the government is telling them they are legislating out of existence and government policies will make it very difficult to build? Refineries run for many decades with most US refineries being more than 50 years old. Refineries make a very small amount of money each year and take a huge number of years to pay off the cost of building, maintaining, and operating the refinery. If they cannot get many decades out of a refinery, they are not going to build it.
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