Chevron CEO: There May Never Be Another Oil Refinery Built in US Again

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Chevron CEO Mike Wirth said in a recent interview that he does not believe another oil refinery will be built again in the United States, saying that government policies are a key reason why, as average gas prices continue to rise as of Tuesday.

“There hasn’t been a refinery built in this country since the 1970s,” Wirth said during Bernstein’s Strategic Decisions Conference on June 1 when asked about more refining being added in the Gulf of Mexico. “I personally don’t believe there will be a new petroleum refinery ever built in this country again.”

Wirth added: “Capacity is added by de-bottlenecking existing units by investing in existing refineries … but what we’ve seen over the last two years are shutdowns. We’ve seen refineries closed. We’ve seen units come down. We’ve seen refineries being repurposed to become bio refineries. And we live in a world where the policy, the stated policy of the U.S. government is to reduce demand for the products that refiners produce.”

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