Energy Information Administration data shows HOW BIG OIL is ABUSING CONSUMERS.

The
EXCLUSIVE REASON
WHY GAS PRICES ARE HIGH
is because
OIL COMPANIES HAVE CLOSED REFINERIES
&
REDUCED REFINERY INPUTS.

The U.S. Energy Information Administration’s website (https://www.eia.gov/) has a page dedicated to “Refinery Utilization and Capacity” (https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_a.htm) which shows that, NOT ONLY have BIG OIL companies CLOSED REFINERIES, they have also DECREASED OIL PRODUCTION (Gross Inputs to Refineries) — BOTH which have contributed EXCLUSIVELY to hyper-inflated gas prices, and bank-busting profits for BIG OIL & their stockholders.

In other words, they’ve also “capped oil wells.”

One way to INCREASE PROFITS is to PRICE GOUGE, another is to MANIPULATE THE MARKET.

BIG OIL companies are doing BOTH.

Refineries — which are owned by oil companies — have been CLOSED BY THE OIL COMPANIES, despite making bank-busting RECORD PROFITS.

Big Oil’$ Profit$

1st Quarter 2022: $35 billion
Average Price of Gas today: $4.91

1st Quarter 2019: $13.8 billion
Average Gas Price: $2.69

1st Quarter 2015: $13.1 billion
Average Gas Price: $2.41

We need a windfall profits tax.

The EIA’s “This Week in Petroleum” report, which was released June 23, 2022, with the Next Release Date being June 29, 2022, was headlined “U.S. refinery capacity decreased for second consecutive year,” and states that,

“Operable atmospheric crude oil distillation capacity, the primary measure of refinery capacity, totaled 17.9 million barrels per calendar day (b/cd) in the United States at the start of 2022, down 184,000 b/cd (1.0%) from 18.1 million b/cd at the start of 2021.

“According to our annual Refinery Capacity Report, 2021 marks the second consecutive year of decreasing refinery capacity after a 0.8 million b/cd decline in 2020 (Figure 1).”

The EIA’s “This Week in Petroleum” report may found here: https://www.eia.gov/petroleum/weekly/archive/2022/220623/includes/analysis_print.php.

The Energy Information Administration’s webpage for Refinery Utilization and Capacity in the United States, shows that in 2021, there were 679 oil refineries which were closed and not utilized — the GREATEST figure ever, since 1985, when 1158Mbbl/day capacity was idle.

Presently, U.S. oil refineries are operating at 86.6% capacity.

The last time they were that unproductive was in 2011.

And before that, in 1991.

As of 2021,
the year for which information is completely available,
679 refineries in the USA lay idle.

In 2018, there were only 108 idle refineries. Again, that, according to the Energy Information Administration’s webpage on Refinery Utilization and Capacity. (https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_a.htm)

Oil refining company LyondellBasell Industries announced on April 21, 2022 that they will “cease operation of its Houston Refinery no later than December 31, 2023.”

• (see: https://www.lyondellbasell.com/en/news-events/corporate–financial-news/lyondellbasell-announces-plans-to-exit-refining-business/)
• (see also: https://www.houstonchronicle.com/business/energy/article/LyondellBasell-will-back-out-of-its-refining-17117778.php)
• (see also: https://www.bizpacreview.com/2022/06/08/massive-oil-refinery-on-track-to-shut-down-amid-fuel-supply-shortages-record-prices-1247504/)
• (see also: https://www.reuters.com/business/energy/lyondell-would-shut-houston-oil-refinery-early-major-equipment-failure-sources-2022-06-07/)
• (see also: https://www.crudeoildaily.com/2022/04/lyondellbasell-to-shut-houston-refinery.html)
• (see also: https://tankterminals.com/news/lyondellbasell-to-shut-houston-refinery-by-2024/)

Oil production (Gross Inputs to Refineries) peaked in 2018, and DECLINED 2 consecutive years thereafter, rising only briefly 2020-2021.

Current production (as of 2021, 16,561M bbl/day) is at 2013 levels, 15,724Mbbl/day.

The LEAST Idle Crude Oil Distillation Capacity was in 2003 with 80Mbbl/day.

The GREATEST Idle Crude Oil Distillation Capacity was in 1985 with 1158Mbbl/day.

The 2021 Operable Utilization Rate (%) is 86.6%.

The EIA’s Refinery Capacity Report With Data for January 1, 2022, which was released June 21, 2022
(https://www.eia.gov/petroleum/RefineryCapacity/) is a “data series include fuel, electricity, and steam purchased for consumption at refineries; refinery receipts of crude oil by method of transportation; and current and projected atmospheric crude oil distillation, and downstream charge capacities and production capacity of selected products. Respondents operate all operating and idle petroleum refineries (including new refineries under construction) and refineries shut down during the previous year. These refineries are located in the 50 States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and other U.S. possessions.”

Further, even BEFORE Russia invaded Ukraine, American consumption of Russian-sourced oil was UNDER 3%. America is NET ENERGY EXPORTING nation, and the SIGNIFICANT MAJORITY of the oil we consume is DOMESTICALLY PRODUCED, with the balance coming from Canada.

BIG OIL is MANIPULATING THE MARKET, putting the screws to consumers, and raking in bank-busting RECORD PROFITS.