But they ‘can’t afford’ to build new US refineries
The fallacy of 'drill here, drill now, pay less'
A new refinery costs $4 billion or so. Exxon had a profit of $400 billion last year alone. A new refinery in Wisconsin or Illinois could handle the Canadian crude oil and supply the entire upper midwest. Instead, big oil wants to ship it across the entire country down to a Gulf of Mexico refinery so it can be processed and exported to higher cost markets, which will keep American fuel prices artificially inflated.
