Chevron President Mike Wirth says he does not believe that another refinery for oil to be constructed inside the U.S. ever again.
Cites years of federal policies of the government as the reason "There hasn't been a refinery built in this country since 1970s.
Bernstein's Strategic Decisions Conference this week in response to questions about the likelihood of adding capacity.
"I personally don't believe there will be a new petroleum refinery ever built in this country again."
Chevron CEO- Petroleum Refineries
"Capacity is added by de-bottlenecking existing units by investing in existing refineries," said the analyst. explained.
Chevron CEO- Existing Industries
The stated policy of the U.S. government is to reduce demand for the products that refiners produce."
Chevron CEO- USA Government
The Renewable Fuel Standard created in 2005, which requires a certain amount of biofuels such as Ethanol.
Chevron CEO- Renewable Fuel Standard
Image Source- OffShore Engineer
Wirth stated "And the stated policy of the government for a long time has been to reduce demand for your products".
Chevron CEO- Stated Policy of Government
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