U.S. petroleum refining capacity has declined and few plants have been built thanks to the projected decline in fuel demand and increased burdensome regulations.
“There was already some contraction happening in the industry as a result of projected declines in U.S. gasoline demand into the future and companies just deciding that the assets were better used as other projects or shut down completely,” said Geoff Moody, the vice president of government relations at the American Fuel & Petrochemical Manufacturers.
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