US Oil Refiners Resist Trump's Call for Expansion
· Business · Hindustan Times, Wall Street Journal
President Trump urged oil executives at the White House to increase domestic refining capacity to lower gasoline prices ahead of the November midterms. Despite record profits, major refiners including Chevron, Valero, and Marathon Petroleum have no immediate plans to build new refineries. Industry leaders cited concerns that current market demand is unsustainable and driven by global supply disruptions in the Middle East, Russia, and China. The Energy Information Administration reported that U.S. refineries are currently operating at over 97% capacity, near an eight-year high. ExxonMobil did not send a representative to the meeting.
Why it matters
The reluctance of oil companies to expand capacity suggests that gasoline prices may remain volatile despite political pressure to increase supply.
Read the original report — Hindustan Times
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