US refiners slip into the red
Covid-19 demand destruction brings shut-ins and severe financial losses to the once-booming sector
The coronavirus has accelerated another wave of closures, consolidations and conversions in the US oil refining industry, after a decade of sky-high profits and growth. Plateauing fuel consumption, tighter environmental regulations and increased overseas competition—especially a number of mega-refining projects, primarily in China and the Middle East, slated to come online between 2021-24—were expected to negatively impact the US industry later this decade. But a sea of red ink in recent quarters, courtesy of the collapse in global petroleum product consumption and refining margins, has brought the timetable forward. In terms of closures, European major Shell will begin shuttering its Conve
Also in this section
9 October 2025
A balanced approach—combining hydrocarbons, renewables and emerging clean technologies—is essential for both energy security and sustainability
8 October 2025
As the EU remains deadlocked over its 2040 emissions goal, the IEA has tempered its climate rhetoric, forecasting that oil and gas will continue growing over the coming decades
7 October 2025
The government refuses to expand E&P access despite the NOC’s high debt pile, falling crude output and growing gas import dependence
7 October 2025
The Middle East NOC’s decision to exit Santos signals changing rules for Australian gas investors
