US refineries system dealing with multitude of problems [Yahoo! Finance]
Chevron Corporation (CVX)
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Source: Yahoo! Finance
The total number has decreased from more than 250 in 1982 to 131 today with an average age of 50-plus years owing to regulations that discourage new construction. No major refineries have been built since the mid-1970s and the oldest still in operation date to 1866, the Point Breeze facility in Philadelphia; 1889, the Whiting Refinery at Whiting, Ind.; 1902, the Chevron Richmond plant at Richmond, Calif.; and 1910-13, refineries at Tulsa, Okla. Waco economist Ray Perryman and Odessa oilman Kirk Edwards say the situation is further vexed by radically fluctuating profits. Perryman said U.S. refinery capacity has seen slight growth in recent years due to efficiency improvements at existing refineries and it is currently sufficient to meet domestic needs as well as a modest level of exports. “However, refineries are generally operating at high utilization rates, which can be challenging given that most of the infrastructure is decades old,” he said. “Capital-intensive maintenance
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