US Refining Capacity Plunges by Record 1 Million BPD

July 1, 2022

Since mid-2020, the United States has lost the ability to process over 1 million barrels of crude per day. This is the largest drop on record. Given the significant capital and regulatory constraints on energy companies, it is unlikely that this will be easily remedied. The US is currently at 95% capacity utilization heading into July.

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