Trump Wants More Refineries Amid Iran War Oil Shocks, $4 Gas—It May Not Be As Simple - Chevron (NYSE:CVX)

elnorte.com

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Trump urged oil executives to build more refineries capable of producing fuel, but it is a difficult argument to sell.

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Donald Trump has invited US oil industry leaders to the White House to encourage them to build new refineries to help keep fuel prices down ahead of the midterm elections. But industry players are reluctant to make new multi-billion dollar investments, fearing the current market conditions will not last and that building a new refinery would take three to five years. Instead, major companies are focusing on expanding their existing facilities.

L'Opinion

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In the United States, owning an oil refinery is profitable, but building a new one is not necessarily the case.