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Operable refining capability in america hit an almost decade low in 2022, the EIA’s newest Refining Capability Report confirmed on Tuesday.
U.S. refining capability fell this 12 months to 17.94 million barrels per day as of January 1, in accordance with the newest EIA knowledge—down from 18.09 million bpd on January 1 final 12 months. U.S. refining capability is now the bottom it’s been since 2014.
The full variety of operable refineries rose to 130, up from 129 final 12 months, with the variety of working refineries growing by 1 to 125.
In comparison with operable U.S. refining capability as of January 1, 2020, this 12 months’s refining capability has decreased by greater than 1,000,000 barrels per day.
U.S. crude oil refinery inputs averaged 16.3 million bpd through the week ending June 10, in accordance with the EIA’s Petroleum Standing Report revealed final Wednesday—that’s a lower of 67,000 bpd over the earlier week—working at 93.7% of operable capability.
The US has extra refining capability than another nation, though China’s refining capability may overtake america’ but this 12 months—the truth is, it might have already overtaken america.
Gasoline costs in america started ticking up in 2021, and with excessive refining utilization charges and low crude product inventories, the refining phase has been fingered as one of many largest worth culprits.
Chevron’s CEO Mike Price stated earlier this month that he doesn’t see any reduction to the refining capability subject in sight, even going as far as to recommend that america could not see any new refineries constructed, ever, given their lengthy lead instances and prolonged ROI mixed with the uncertainty of the way forward for fossil fuels usually given local weather considerations.
By Julianne Geiger for Oilprice.com
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