Refinery Developments Rebound in 2021

2021 brought an anticipated rebound in oil demand as driving activity increased throughout the year and lockdowns from the pandemic eased, along with the seasonal demands for heating as things returned to some level of normalcy in many ways. The resiliency of the industry was tested early this past February when the state of Texas encountered a series of winter storms that put a third of U.S. refining capacity offline for a short time. This event could have been viewed as a harbinger of continuing difficulties for the industry, following the events of 2020 that had already seen approximately 2.3 million barrels per day of refining capacity shut in. Despite this, countries around the world pu

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