The difference compared to a few years ago, we refine more than we use and sell a little surplus product outside our borders.I have not kept up with this issue. Have we increased our refining capacity significantly? If so, is it because we have built more refining facilities or expanded existing ones, or both. I remember years ago our biggest problem was not so much crude oil but refining capacity, and how hard it has been to get new refining centers approved through government regulations, red tape, etc.
The new refineries have been very little and very few. We have done many refinery expansions and upgrades over the past couple decades. We also quit growing our demand and that helped surplus capacity.
I remember years ago our biggest problem was not so much crude oil but refining capacity, and how hard it has been to get new refining centers approved through government regulations, red tape, etc.
Although that was a point made by many, I didn't agree with it. Crude supply was the problem and the driving point for the price. We were a net importer of refined products until recent years, but when we were importing 10 times the crude than the products, I didn't consider the products our real shortage.