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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Because Biden said he intends to drive the fossil fuel industry out of business by 2045. Why invest billions in refinery capacity when the gov’t is against your industry? Its all going away in 20 years after all no matter what according to the gov’t.
Figure it takes 5-7yrs to build a modern refinery. Then another year getting it running correctly. Then it needs to make its money back, that takes another 7-10yrs or more. We’re talking a min 14yrs to break even, just to have to tear it down in a few years. Which will cost more billions. So why bother?
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