RE:RE:Two New Refinery Construction AnnouncementsI don't track all the refineries opening or closing, but yes, there have been many that have closed in NA. This is why in NA we struggle to push our existing refineries to the limits of refinery utilization, as we have lost so many in our market. This is dangerous, as when you run them hard and delay maintenance, they break. In total, far more refining capacity has been added on a global basis, from builds happening in other places.
The main takeaway to me about these 2 new announcments is that in other places around the globe, they are investing heavily in an oil future, with at least 25 year paybacks for their investments. This would not be happening if they thought the end of oil was near.
One must look at the whole picture, not just one area and assume that the world is also going the same way as in your neighborhood.
Although oil demand growth may be flat in NA, or in Europe due to the transition, it is growing in other countries, and they are investing billions on that future.
Experienced wrote: In all fairness Migraine, if you are going to talk about this, why don't you also list the refinery closures around the world in the last few years so people here can get the whole picture of what is going on around the world.