dondon

The lack of new refineries being built has nothing to do with refining at a profit and everything to do with environmental assessments and the NIMBY syndrom..It takes years and years and millions and millions to have any NEW projects considered. Now add in Government regulations and in most cases it's not worth the hassles. Now your statement about significant refineries being built is technically correct, but the oil companies have increased their refining capabilities during the above mentioned period of time. The oil companies you see, have found a way around the NIMBY's and the environmental assesments..Apparently these apply only to building NEW facilities and not expanding existing ones..So all recent increases in production have been the result of expanding existing refineries, problem is eventually they'll run out of room to expand.