This is a really good overview of oil refining. I'll add a few things. 1. The light and heavy distinction is covered by a measure called API gravity [1]. The higher the API gravity, the lighter the crude; 2. Refiners mix different crude types depending on what kind of refined products they want to produce; 3. Heavy crude tends to be less valuable although it's essential for some applications. Lighter crude produces g…
> they're almost impossible to get permission to build now While I do agree there's a ton of regulatory hurdle to cross to build a new refinery, lots of interviews with oil executives have stated the economics of building a new refinery aren't always great. The reasons why they aren't building isn't necessarily because the regulatory hurdles are too high, its that they don't think they'll end up making any money buil…
I'm also anti-nuclear because it's too expensive, not as safe as advocates make out and the waste problem is not even remotely solved despites all the claims to the contrary. But it's also true that the same kind of anti-development tactics used against refineries are effectively used against nuclear plants such that it takes 15+ years to build a nuclear plant and the costs balloon as a result.
But there's also strong direct evidence contrary to your claim: the new refineries in Oklahoma and Texas. Why are they getting built if "the oil industry isn't going to do it"?
I'll go even further than this: if private industry won't build new refineries, the government should. In fact, that's my preferred outcome anyway.