Biden might be telling them to up production, but they're not going to do that on their own dime.
President Biden wants refineries to produce more gasoline to help lower gasoline prices, but operating refineries are running at full capacity and idled refineries are unlikely to bear the high recommissioning costs to come back online, according to IHS Markit analysis. About 375,000 barrels per day of the 1.482 million barrels per day of North American refining capacity shuttered since June 2019 may be eligible for restart. President Biden could make it easier for these plants to retool if he genuinely wanted them back online, but he has taken no positive action to back up his repeated calls for more refining. Refinery owners will not make the huge investments necessary if they cannot recoup their investment, which is likely to take years.
In addition...
More here:...the EPA under Biden has begun to question routine renewals of existing refinery permits. Rather than looking for ways to help refineries add capacity, the administration appears to be searching for excuses to close them.
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