Jun 3, 2022
Chevron CEO Warns Not to Count on New US Oil Refinery Even With Surging Gas Prices
(Bloomberg) -- There may never be a new refinery built in the US despite surging gasoline prices, as policymakers move away from fossil fuels, according to Chevron Corp.
“We haven’t had a refinery built in the United States since the 1970s, my personal view is there will never be another new refinery built in the United States,” Chief Executive Officer Mike Wirth said in an interview on Bloomberg TV.
Refining margins have exploded to historically high levels in recent weeks amid lower supplies from Russia and China and surging demand for gasoline and diesel around the world.
“You’re looking at committing capital 10 years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying: we don’t want these products,” Wirth said. “We’re receiving mixed signals in these policy discussions.”
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