No Fuel, No Fix For America
This is not good folks.
Believe it or not, America’s fuel could get worse and it’s not because of high oil prices or even higher than expected demand. It is because America doesn’t have enough refineries that can turn oil into usable fuel.
According to Bloomberg, since the beginning of the pandemic, over 1 million barrels a day which is around 5% of the world’s supply has stopped being pumped out in America.
What’s even worse is that worldwide another 2.13 million additional barrels a day have been lost because of pandemic related issues.
Sadly, Bloomberg further explained that there is currently no new plans to create anymore oil refineries either even though the current ones are at full capacity and are making record profits.
The dearth of refining capacity has dire implications for both US consumers and global markets. At home, retail gasoline prices continue hitting new records, exacerbating some of the worst inflation American households have ever seen.
Bloomberg
