re: UPDATED: US Big Oil Fires Back @ Slanderous White House

Can take 10-15 years from permitting to first production. But It’s nearly impossible to build a new refinery in the US now because of environmental regs. Most capacity addition now is just expansion and debottlenecking of existing refineries. Just saw Mexico built a refinery that cost $18 billion. Now imagine the costs and difficulties of building a new refinery and add on the fact that government and investment banks are telling you they don’t want fossil fuels in 10-15 years and you can see why we are dealing with no spare refining capacity.