Is a shortage of oil refineries pushing up global fuel prices? | Inside Story

Ohhhhh come on, why now only you telling that not enough refineries, Venezuela and Iran has but America prevented them to produce oil rather a sanction, this isn't fair for consumer countries who relying to oil and gas.

People need to wake up and protest against leaders before its too late.

Supply destruction in Europe & N. America is raising prices.

All oil can be made into gasoline, to say otherwise is bs… we’ve always used “sweet crude”. In U.S. refiners until recently they say otherwise, why?!

Global oil prices are 10-20% LOWER than they were during the 2008 GFC. Global gasoline prices are about 30% higher though. Why? Companies who sell gasoline are showing profits this year about 40% above last year. See if you can figure out why we are paying more at the pump. I'll give you a hint, see if you can figure out who is making money here. That's right, oil companies.

1) It takes many years and hundreds of millions of dollars to build a new refinery 2) The world has begun to realize to the dangerous consequences of a global economy that is dependent on fossil fuel. 3) Hence, there is significant political / societal / market pressure to transition away from traditional, carbon combustion energy sources. Conclusion: it seems unlikely and financially risky for energy companies to try to build new oil refineries at this point. The money seems better spent positioning themselves in the other energy sources, such as electric and hydrogen for vehicles, and renewables like offshore wind and even nuclear for power generation. Obviously there will still be a need for fossil fuels for decades, but there is huge opportunity and demand in some areas for alternatives.

So now it is not Russia to blame now

More refineries or less consumption?

NewZealand has just closed their only refinery claiming it was ageing , requiring expensive maintenance and no longer fit for purpose, considering the country had the luxury of buying all ready refined fuel from several Asian suppliers. Given the recent situations of reliance on outside sources one must ask, was this a wise decision.

it is the consumption why each family need 4 cars ? this is the main problem

The lack of crude supply is still the base cause. Saudi Arabia is not increasing output because they're profiting greatly from high oil prices. They're using lack of refining capacity as an excuse.

It is a good, informative presentation. Oustanding, thank you

Please Explain how you DIG Crude Oil Out of the Ground

The goal of Usery is not to refine your own but sell it to someone else.

With the actual Venezuelan regime, there is no chance to get that extra oil from that country.

Yeah they are taking advantage of the situation all

Russia Friendly Countries that have oil refinery have hit the jackpot....buy low sell high.... Russia Unfriendly Countries can buy from this countries BUT must pay in local currencies. Euro and USD are no longer welcomed.

Short thing is everything can’t go up and up forever!

While the planet is burning. This is insanity!! Go Green!!

The greed of the oil companies push it up (because they know that it's over for the industry, and they want one last squeeze out of their costumers). Let's just hope that that enormous amount of money they have now will be mostly invested in clean energy (they are already investing heavily in those projects, no matter how ironic and hypocritical it is), that would still benefit us in the long run.