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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Your basic premise is incorrect. There are new refineries being built every day. I know this because not only am I an enviro attorney but I am from a crappy Texas Gulf Coast town and last year (and two years before) the town was thrilled to announce new business ground breaking!
What were the new businesses? Two more refineries.
Refineries (new and ‘retrofitted’ [not retrofitted]) are clipping along in Texas and Louisiana. Or – as some environmental groups call it – ‘Cancer Alley’.
Refineries, pipelines (national and international), conversion plants, pump fields, oil ships, offshore rigs.
Don’t worry OP! Big Oil is alive and well.
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