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President Biden Looks For Ways To Increase U.S. Refining Capacity
Posted on 6/13/22 at 12:45 pm
Posted on 6/13/22 at 12:45 pm
quote:
U.S. President Joe Biden continues to look for ways to bring down the high cost of gasoline—and the latest efforts have him taking a hard look at U.S. refinery capacity.
According to White House economic advisor Cecelia Rouse who spoke to CNN in an interview on Friday, the President is looking to see what the administration can do, "whether that's working with oil companies and refineries asking them, 'We recognize your back capacity challenges - what can we do to help you maintain your refining capacity and bring more oil online?'"
Rouse did not elaborate on what this could entail beyond enquiring how they might be of help to the industry.
Meanwhile, the idea of effecting a windfall tax on the profits of oil and gas companies remains on the table, according to Rouse.
Refiners are running at 94.2% of their operable capacity at present, producing 10 million barrels per day of gasoline and 5 million barrels per day of distillates. Adding additional refining capacity is both a long-term endeavor and a capital-intensive one—such projects could span a decade.
So daunting is the task of building new refineries that a new one hasn't been built in the United States since the '70s. According to Chevron CEO Mike Wirth, there are unlikely to be any additional refineries added in the United States—ever—with companies having to commit capital today for something that wouldn't return to shareholders for decades—at a time when the rise of the ESG movement is signaling to oil and gas companies that their products may no longer be needed that far into the future.
According to Wirth, the signals that the industry is getting are mixed.
LINK
So the Biden Administration on one hand appears to be begging industry to work with them and let them know how the U.S. government can assist in new investments to increase refining capacity, yet on the other hand is still claiming industry doesn't "pay its fair share" and is still considering "windfall" taxes as retribution.
Posted on 6/13/22 at 12:47 pm to ragincajun03
I'd like to know why a gallon of clorox bleach costs more than a gallon of gas. Doesn't seem possible but it do.
Posted on 6/13/22 at 12:48 pm to ragincajun03
I just don't understand how they think any of this will workout for them in terms of elections.
It's not even enough that they are pissing off republicans, it's the fact that they are alienating their own base.
It's not even enough that they are pissing off republicans, it's the fact that they are alienating their own base.
Posted on 6/13/22 at 12:49 pm to ragincajun03
Yeah that’s wonderful. First we punish you and slam your industry then we tax you more because the market at the moment is allowing you to make good money.
Posted on 6/13/22 at 12:50 pm to ragincajun03
The President has no control over gas prices though...
Posted on 6/13/22 at 12:51 pm to ragincajun03
quote:
whether that's working with oil companies and refineries asking them, 'We recognize your back capacity challenges - what can we do to help you maintain your refining capacity and bring more oil online?'"
this is what gets me, blame russia all you want but it is not putin's fault that Lyondell and shell were incentivized to get out of the gasoline refining business
now when shite hits the fan, they come crying.
Posted on 6/13/22 at 12:51 pm to ragincajun03
So do we fill out a card and mail it in?
It’s refining issue so we have plenty of crude laying around ?
It’s refining issue so we have plenty of crude laying around ?
Posted on 6/13/22 at 12:54 pm to ragincajun03
What would be interesting is an actual suggestion of what the government could do to as quickly as possible add capacity rather than begging industry with one hand while stabbing them in the back with the other.
How about something like - the Feds fast track and build their own gigantic refinery and lease it out to an oil company to run. Could use the money coming in from selling off the SPR to pay for the rest.
How about something like - the Feds fast track and build their own gigantic refinery and lease it out to an oil company to run. Could use the money coming in from selling off the SPR to pay for the rest.
Posted on 6/13/22 at 12:56 pm to ragincajun03
quote:
President Biden Looks For Ways To Increase U.S. Refining Capacity
That's akin to OJ's search for the real killer.
Posted on 6/13/22 at 12:56 pm to ragincajun03
quote:
at a time when the rise of the ESG movement is signaling to oil and gas companies that their products may no longer be needed that far into the future.
Okay, we will see how big of a lie that is.
Posted on 6/13/22 at 12:57 pm to IAmNERD
I'm curious to see how high prices will go if a hurricane takes out one or multiple refineries that are on the coast.
Posted on 6/13/22 at 12:58 pm to ragincajun03
quote:
at a time when the rise of the ESG movement is signaling to oil and gas companies that their products may no longer be needed that far into the future.
There is no future in 100% electric, nuclear, etc.
Not even mentioning the petroleum byproducts that are used in everyday life.
This post was edited on 6/13/22 at 12:59 pm
Posted on 6/13/22 at 12:58 pm to Broski
quote:
it's the fact that they are alienating their own base
That's why you have President Biden now lashing out at Exxon Mobil's profits when he's asked a question about inflation, which is affecting everything and is beyond Exxon's control.
He knows a large part of those middle of the road voters who may have swung over to given Democrats control over the House in recent elections aren't going to vote to keep $4.50+ average gasoline prices going. At the same time, he has to act tough for his enviro-socialist base who has now filed two lawsuits against the Biden Department of Interior.
As a result, the play is to bring class warfare into the equation once again, hence the idiotic rant about Exxon.
Posted on 6/13/22 at 12:59 pm to ragincajun03
Posted on 6/13/22 at 1:04 pm to Sao
quote:
I'd like to know why a gallon of clorox bleach costs more than a gallon of gas. Doesn't seem possible but it do.
If you were buying bleach as a bulk liquid, it's not. Go buy a gallon of gasoline in a container approved for individual retail purchase and get back to us.
Posted on 6/13/22 at 1:06 pm to ragincajun03
quote:
As a result, the play is to bring class warfare into the equation once again, hence the idiotic rant about Exxon.
it is his only card to play, anyone that slightly pays attention the o&g market understands how stupid that rant was. However, the "exxon is price gauging" line is going to be popular with democrats.
He should just own it if he or democrats had any backbone. Getting away from gasoline is going to be de-investments which would lead to higher gas prices. To the green policy minded voter, higher gas prices should be a good thing because it could lead to more green energy. Again no one is washington has any backbone.
Posted on 6/13/22 at 1:06 pm to ragincajun03
quote:
President Biden Looks For Ways To Increase U.S. Refining Capacity
Really, that's not been his pattern.
Posted on 6/13/22 at 1:06 pm to ragincajun03
quote:
According to White House economic advisor Cecelia Rouse who spoke to CNN in an interview on Friday, the President is looking to see what the administration can do, "whether that's working with oil companies and refineries asking them, 'We recognize your back capacity challenges - what can we do to help you maintain your refining capacity and bring more oil online?'"
How about not campaigning on bankrupting the industry as a starter
This post was edited on 6/13/22 at 1:19 pm
Posted on 6/13/22 at 1:07 pm to NOLAVOL16
quote:
Feds
quote:
fast track
quote:
build their own
You should be a comedian
Posted on 6/13/22 at 1:08 pm to ragincajun03
quote:
President Biden Looks For Ways To Increase U.S. Refining Capacity
he made his bed, time for him to sleep in it.
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