Originally posted by: LiveFreeNW
I am all for reasonable environmental, labor, and safety regulations. I am not aware enough of the specifics of the California regulations in question to offer any sort of informed opinion as to their reasonableness.
Businesses can and should use a portion of their profits to upgrade their infrastructure.
I think the shortage of refinery capacity is due to many factors. Over regulation might be a part of that. Corporate corruption and cronyism is almost certainly a larger contributor to the problem.
The key takeaway is that Big Oil CHOOSES not to build/upgrade/renovate refineries, not that they nobly strive to do so but the Evil Deep State thwarts them at every turn. They've spent tens of billions of $$$ on skillfully crafted propaganda to make the American public think the latter. It's been quite successful.
If they have any vision--and there's no reason to think that they don't, they're not stupid--they must realize that the demand for fossil fuels must gradually slacken over time. Most people 50 years ago though that would happen as supplies ran out. What's actually happening, and happening sooner, is that fossil fuels are slowly becoming obsolete--and/or there are higher and better uses for petroleum products than burning them.
Thus, building new refineries and/or expensively rehabbing old ones might be like a horse-and-buggy manufacturer in 1897 building a bunch of new factories. Maybe Big Oil sees the handwriting on the wall?