Shell’s Scotford refinery was the world’s first to exclusively synthesise crude from Alberta’s oil sands
US refining makes a comeback
The sector struggled to offset crushing demand losses in 2020, but recent M&A shows momentum change
Returning demand is welcome news for US refiners. Demand for refined products was hit hard by the pandemic, only to be dealt a further blow in February as Storm Uri caused widespread outages on the US Gulf Coast. However, the outlook is brighter in the short term—even as the energy transition implies more uncertainty longer term. According to the EIA, US refinery runs declined by 2.7mn bl/d—or 18pc—in the week up to 19 February. Over the whole of February, US refinery utilisation was down to 70.8pc—a level not seen since April 2020—from 82.5pc recorded in January 2021. This was also reflected in US refiners’ quarterly results. Phillips 66 and Valero Energy were among those to report first-qu
Also in this section
20 January 2026
As the global energy system undergoes its most profound transformation in a century, the need for credible leadership, practical solutions and inclusive dialogue has never been greater. In 2026, the Kingdom of Saudi Arabia will stand at the centre of this conversation as host of the 25th WPC Energy Congress in Riyadh.
20 January 2026
The Kingdom of Saudi Arabia is the host of the 25th WPC Energy Congress on 26-30 April 2026. The Ministry of Energy spoke with Petroleum Economist about the key messages and opportunities for the global energy community.
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
