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Old 07-13-2007, 10:23 PM   #21
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Join Date: Jan 2006
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Ed, is correct.

I think that the statistic about no new refineries is misleading. I worked for an oil company in the late 70s. Since then they have not built any new refineries but they have doubled the capacity of some of their existing refineries.

Despite that I suspect that refining capacity in the US has grown at a slower pace than demand. (I'm to lazy to research it.) In addition to the regulation the other important factor that I think that has contributed to that is that that both oil and gas prices have been very cheap for a long time. In the 80s and 90s I don't think that it made economic sense to invest it a lot of new refining capacity.


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