Posted on 10/29/2022 5:49:34 AM PDT by rktman
U.S. energy executives told Jennifer Granholm that shuttered crude oil refineries won’t restart, Valero’s Chief Executive Joe Gorder said on Tuesday.
The comments were made to the U.S. Energy Secretary at a recent White House meeting with energy executives, Reuters reported on Tuesday.
“The one interesting thing that came out of it, too, was there was consideration for the ability to restart refining capacity that had been shut down, and I think the general sentiment was that wasn’t going to happen,” Gorder said.
Limited U.S. refinery capacity—and perhaps more critically, refinery capacity in specific U.S. geographic areas, known as PADDs—has spared worry in the United States over high gasoline prices and energy security.
US refinery run rates were north of 90% for much of the summer, according to the EIA’s Weekly Petroleum Status Report.
Shuttered refineries unlikely to start back up are the latest nail in the U.S. refinery coffin. In June, Chevron CEO Mike Wirth posited that there would never be another new refinery built in the United States.
“Building a refinery is a multi-billion dollar investment. It may take a decade. We haven’t had a refinery built in the United States since the 1970s. My personal view is that there will never be another refinery built in the United States,” Wirth said at the time.
(Excerpt) Read more at oilprice.com ...
You already have a couple of Democratic Politicians calling for the nationalization of the US oil industry, look for those calls to grow in number, eventually they will officially push to take over the US oil industry.
What could possibly go wrong if the Government takes over the oil industry and puts political hacks in charge of them. /sarc
Oil and gas companies would have to weigh the benefits of committing capital ten years out that will need decades to offer a return to shareholders “in a policy environment where governments around the world are saying ‘we don’t want these products to be used in the future,’” Wirth added.
It’s not over until it’s over.
This was Trump’s forte. It isn’t just about decreeing something and expecting it to be done. You have to coax people.... execs, investors, etc., into willfully doing what is needed to get things moving.
Have we reached “peak stoopidness” yet?
Venezuela by 2024…..
If you want to kill something off, regulate it to death. Endless studies, permits, court suits.
Besides lack of refining capacity, what’s been done to update our electrical grid? Has all the money been put into transgender studies, filling libraries with “Heather has two Mommies,” and sending checks to illegal invaders?
It worked out wonderfully for Venezuela, so there’s that…
“That’s okay because electric cars don’t need dirty oil or gasoline to run” — isn’t that what the left thinks? Everyone knows electricity comes from the magic wall socket. So... 🤔... we can put a wall socket in our electric car, plug the car’s battery into the socket — so it’s always recharging — and, problem solved, right? We don’t need dirty refineries! 🤪
And she knows exactly squat about the energy needs of the nation.. But, she does enjoy the power and attention she gets...
Atlas Shrugged, again.
The oil industry has been run by political hacks in DC for decades. Now their “war on oil” chickens are coming home to roost.
Even a pro-oil administration won’t get oil execs to change their minds because they know that their decisions will be reversed by the next Dem administration stranding tens of billions of investment. Getting whipsawed between “Hate America / America last” Dem administrations and MAGA Republican administrations make the old USA the last place you’d want to invest. You can’t run a country like that.
There is NO replacement for oil in the next 100 years that is ready to go. The RevComDems have really gotten their wish their wish this time. Our kids and grandkids are going to suffer.
“Have we reached “peak stoopidness” yet?”
We’re getting a fresh injection across the southern border.
I don’t know, it seems to have worked well for Venezuela
Why, this just crazy. Why would we or anyone consider putting money in that old world killing technology. Just take that investment money and put it in windmills. Put a windmill on every street corner. Attach an extension cord with multiple plugs. Just pull up and plug in your car. Simple. I ought to be in DC with the other mega brains.
This is right out of Atlas Shrugged.
Men stoned a cow to death in Venezuela
I saw pictures of them surrounding it
Sadly, that’s more true than you know. Population of Adults becoming “mor stupide”. Ask some 20 to 40 year old non druggie what a $20 bill looks like. And not a damned one of them can prlly spel ennythin.
In a society where transactions are magic and unseen, food, water, energy are of course all plentiful locally, but the world is going to end “over there” somewhere else.
Cow farts kill. Tomatoes have feelings. Energy comes from the sky. Wear your mask.
Can you say “Venezuela”? Sure. I knew you could. And boy oh boy did THAT work out great for the average citizen. IF the average American citizen doesn’t wake up soon, that will be us. History is a great thing if it’s learned from.
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