New refineries need to be built. But the "NOT in my backyard" mentality exists. The costs for a new refinery are approximately $20 BILLION. Not chump change.
False.
If we need new refineries so much, then why has big oil closed so many refineries in North America? Example - 2 oil refineries on Burloak at the Lake in Oakville Burlington - closed, example - Montreal - 3 refineries closed.
Over the last 20 years, big oil has merged, consolidated, and rationalized its refining in North America and thereby eliminated any and all excess capacity in the system. (Excess capacity = lower prices.) In the USA, big oil has closed almost 50% of the existing oil refineries from 1980 to 2000. By doing so, they eliminate all excess capacity.
You are a victim if you believe that the high price of gasoline has anything to do with environmentalists or the need for more refineries. Big oil does NOT WANT any excess capacity. Hell, there are examples of refinerie that were barely 20 years old that were shut down and torn down. If big oil needs more refineries, they could have kept them open. If they need more refining capacity even now, they could use the existing land (since they still own it and it was a refinery in the past.)
And it does not cost 20 billion to build a refinery. Don't know where you got that number.
