No new oil refineries have been built in the United States since 1976 — not even in California, where capacity shortages have especially pinched. The reason is not the lack of demand, but the legal/regulatory environment. (Mike Angell, “Rules, Small Returns Block New Refineries”, Investor’s Business Daily, Jun. 10; Dale Kasler, “No new California refineries despite soaring gas prices”, AP/Oakland Tribune, Jun. 10).

Filed under: environment, oil industry