After several years of plant closures and conversions to make renewable fuel, the pressure on American refiners to shut down excess capacity is easing as gasoline demand nears pre-pandemic levels and supplies dwindle.
Since 2019, North American refiners have reduced crude-processing capacity by about 1.25 million barrels a day, according to energy consultant Turner Mason & Co. Some units had already shut when the pandemic decimated demand and kept Americans off the road in droves. Companies were bleeding money and casting a hard eye on their portfolios, and by the beginning of 2021, refinery capacity stood at 18.1 million barrels a day, the lowest since 2015.
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November 01, 2021 at 07:00PM
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Refiners Are Less Pressed to Shut Down Plants as Fuel Demand Rebounds - Bloomberg
"Shut" - Google News
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