Unwillingness to build new refineries - June 27, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2004

Vol. 9, No. 26

Week of June 27, 2004

Unwillingness to build new refineries

But industry leaders don’t think oil and gas prices will remain at their current high levels in the long term, hindering willingness to shell out billions to build new refineries.

Luis Marin, president and CEO of Citgo Petroleum Corp., noted at the same conference that U.S. refineries are at capacity without a cushion for refining outages or disruptions in supply.

“I don’t think we have space for any of those problems,” Marin said.

According to the National Petrochemical and Refiners Association, refinery capacity is now about 16.8 million barrels a day, compared with 18.6 million barrels a day more than 20 years ago.

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