Oil refinery boom skips U.S.
Date: Thursday, May 31 @ 08:38:56 PDT
Topic: Consumption; Demand; Prices
With gasoline prices averaging $3.21 for a gallon of regular nationwide over the Memorial Day weekend, traditional economic logic might suggest that this would be a good time to invest in new U.S. oil refineries and increase the supply of gasoline.
Yet no new refinery has been built in the United States in three decades, only one is in the works and oil companies are scaling back planned investments in new, expanded or modernized U.S. refineries rather than increasing them.
BaltimoreSun
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