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US oil refining capacity falls for the second year in a row

2022-06-22T05:53:51.045Z

New York, SANA- The latest US government data showed that the repeated closures of oil refining facilities led to the reduction of



New York-Sana

The latest US government data showed that the repeated closures of oil refining facilities have reduced their ability to produce gasoline and diesel.

Reuters quoted US Energy Administration data as saying today that the production capacity of US oil refineries fell last year 2021 for the second year in a row, noting that refining capacity decreased by 4.5 percent to 18.13 million barrels per day this year and also decreased 125 thousand and 790 barrels per day last year. After falling from 800,000 barrels per day in 2020.

Gasoline prices at US gas stations have risen nearly $5 a gallon as strong demand for auto fuel collides with the loss of nearly one million barrels per day of refining capacity over the past three years due to shutdowns of unprofitable facilities at the height of the coronavirus pandemic.

Oil refining capacity in the United States has fallen by 5.4 percent, or 1.03 million barrels per day, to 19.7 million barrels per day since it peaked in 2019.

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Source: sena

All business articles on 2022-06-22

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