How many oil refineries are currently under contruction in the world today?

The last oil refinery to be uilt in the U.S. was completed in 1976. When was the last one built elsewhere? And why don't we build more, high tech oil refineries?How many oil refineries are currently under contruction in the world today?
Possibly one. The owner of Virgin Airlines is building it but I don't know where and it's just for refining Aviation FuelHow many oil refineries are currently under contruction in the world today?
Zak is right that it is the refining capacity that matters not the number of refineries. However if you look at this number the conclusion is the same, 17,618,872 barrels per day in 1982 and17,177,371 barrels per day in 2002. see http://www.eia.doe.gov/emeu/finance/merg鈥?/a>


World capacity has also been nearly constant over this time period rising from about 81 to 83 million barrels a day. Since it is the business of corporations to make profits, it is safe to assume that they did not think it would increase the profits if they expanded refining capacity. Economics tells us that competitive industries maximize profits at he same production levels that maximizes efficiency and consumer welfare.


You can make a case that oil and refining is not really competitive because it is dominated by a few big players that have a lot of vertical integration. Breaking up these companies into more smaller units is the classic solution and would solve the problem better that regulation. We did it to Standard Oil about 40 years ago when they controlled to much of the market.
First, even though no oil refineries have been built in the US, many have undergone huge expansions. A Marathon refinery in Louisiana is currently undergoing a $2.3 Billion expansion that will increase the refining capacity of the company by over 10%.


%26gt;%26gt;You won't read hear that anywhere in the media, but you can easily find it by searching the internet.





Second, the people who complain about this the most are the same people that would not allow a refinery to be built anywhere near them. Not in my back yard!!


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Im not sure but im betting its because of the extreme costs of starting a project like that and the sheer lack of oil deposits.