Increased gasoline demand combined with restricted oil refinery capacity has driven up gasoline prices. Extreme weather in recent years coupled with falling demand during the pandemic have combined to reduce available capacity. Like the automotive industry, oil refining is a capital intensive, long lead time business. Confronted with high investment requirements and an uncertain future, older facilities were retired from service rather than invest the billions needed to keep them in service. We explore why the "not-in-my-backyard" syndrome when it comes to new refineries coupled with the growing green energy movement is causing the current pain at the pump.
Support the show
To access the FREE content to be found on the TechMobility Topics podcast, click here.