Diesel Fuel Settles (CONT’D FROM PAGE 28)
Refinery operators were put on the spot as the pan- demic softened demand for their products and the Biden administration moved away from fossil fuels. “Suppose you’re looking at spending several hundreds of millions of dollars, perhaps even a billion dollars, to comply with new environmental regulations,” noted Lipow. “In an environ- ment where the demand for your product is going down, you may well decide to simply shut down.” The slim levels of diesel inventory leave the market vul- nerable to unexpected shocks. “All you need is one little hiccup in the supply chain or a problem with a pipeline or a big cold snap in the Northeast,” said Schaeffer. “The next thing you know higher prices and shortages are back in the news.” Growing Capacity Not all is doom and gloom in the energy picture. De- spite the cost and the delays required for creating new refineries or upgrading older ones, some new capacity is coming on stream in the first half of 2023. “Kuwait and Oman are building brand new large refineries,” said Lipow. “Two new refineries have just come on stream in China. And we’ve got another large refinery coming on stream in Nigeria. Closer to home, Mexico is building a new refinery, known as Dos Bocas, coming online in the next couple of years.” Lipow figures these new refineries will produce
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