re: US crude output to rise to record 12.76 million bpd in 2023

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Cool....now only if we could refine it

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We refine more than that total BPD throughput.

The big problem is this new tight shale production which is too light for almost all of modern refineries. I will be looking at a refinery idled for covid and stayed shutdown. It refined crude from local field for 60 years, 40ish API gravity. It was forced to refine 56-60 API gravity from new production and throughput capacity was decreased over 30% which "bankrupted" it as a single refinery.

Same thing happened to two small refineries that I had all but sold to Libya in 2011. One in OK and one in NM. Legacy fields dried up and new production locally was all new tight shale.

There are 7 new refineries PERMITTED for Texas since Biden was elected. The problem is contracts for products and funding. These are designed for tight shale crude which technically is condensate and only legally called crude oil due congress action from the 1970's