Former Rep. Marjorie Taylor Greene called for emergency Washington meetings and an all-hands effort to build U.S. refineries, saying no major new refinery has opened since 1977. She argued the country’s ample oil reserves should mean cheaper gasoline.
EIA data listed 130 operable U.S. refineries as of Jan. 1. The newest, a 45,000-barrel-per-day Galveston refinery, began operating in 2022; the newest facility with significant downstream capacity is Garyville, Louisiana, which opened in 1977 and has since expanded to 617,000 barrels per day. ExxonMobil also expanded its Beaumont refinery in 2023.
Fuel prices were under pressure amid the war with Iran. White House energy adviser Jarrod Agen said refining capacity, not crude supply, was the key issue and suggested infrastructure investment or the Defense Production Act could help. President Donald Trump invoked the act in April to direct federal funding to coal, LNG, petroleum refining and power-grid infrastructure. GasBuddy analyst Patrick De Haan told Benzinga new refineries would take years to affect prices, and refiners have limited incentive to lower gasoline prices because they answer to shareholders. AAA listed Thursday diesel at $6.51 and average gasoline at $4.49 a gallon.
