Why are there no new Oil Refineries built lately when price of Oil today is higher than it was 50 years ago?
In: 196
Why aren’t new refineries being built?
Easy answer: politics.
The regulatory requirements for building new refineries is such that it is practically impossible. No one (ie voting citizens) want a refinery built near them due to the adverse effect it would have on the environment and their property values. So government (Federal, State, and local) make it such that it is impossible to do.
We have a huge problem in this country with NIMBY (not in my back yard). We need new refineries, new power plants, new gas pipelines, new power lines, but we don’t want them near us. We want them near someone else.
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