The US oil and gas industry needs to invest in upgrading decrepit refineries and building new ones to prevent petrol prices from spiralling because of robust demand, wrote energy expert Dr James Conca. He said the country's lack of refinery capacity has left 149 facilities, which are an average of 40 years old, processing around eight billion barrels of oil per year. Conca questioned why some of the $$100 billion in annual profits from the industry haven't been used to ensure "smooth and safe" refinery operations that would enhance output and keep prices down.
The US oil and gas industry needs to invest in upgrading decrepit refineries and building new ones to prevent petrol prices from spiralling because of robust demand, wrote energy expert Dr James Conca. He said the country's lack of refinery capacity has left 149 facilities, which are an average of 40 years old, processing around eight billion barrels of oil per year. Conca questioned why some of the $100bn in annual profits from the industry haven't been used to ensure "smooth and safe" refinery operations that would enhance output and keep prices down.