Chevron's CEO Says No More U.S. Oil Refineries. What Should Energy Investors Do?
Mike Wirth, the CEO of oil giant Chevron (NYSE: CVX), says he doesn't believe there will ever be another new oil refinery built in the U.S. He made that comment during a recent interview with Bloomberg TV discussing what the country can do to ease record prices at the pump. Even if oil producers like Chevron increased their production, there's not enough refining capacity to meet the demand for petroleum products like gasoline, jet fuel, and diesel. That means prices will remain elevated even if oil companies pump more crude oil.
While that's bad news for consumers, it's good news for refiners. It suggests refining margins will stay strong. That could give refining stocks the fuel to continue producing strong results.
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Source Fool.com
