Shortages and Inflation to be the New Norm as Refinery Closures Outpace New Construction

Source: Heartland Institute
by Ronald Stein

“As the world has become impassioned with increasing its electricity generation from wind turbines and solar panels from breezes and sunshine, the world is silently slipping into a future of shortages and inflation as society’s demands for all the products and fuels manufactured from crude oil is exceeding the supply available from the dwindling number of refineries. … In 2019 there were 135 refineries in the U.S. but five facilities were shuttered during the last two years. Each refinery location is a business that needs to make business decisions. Consequently, one in five oil refineries are expected to cease operations over the next five years.” (06/22/22)